The USD/JPY pair fell at the open on Thursday but found enough support just above the 112.50 level to turn things around and form a nice-looking hammer.
The USD/JPY pair fell at the open on Thursday but found enough support just above the 112.50 level to turn things around and form a nice-looking hammer. Nonetheless, I am a bit reticent to start going long at this point because I have no interest in buying a market that is overbought. We need to either grind sideways and build up enough momentum to continue the move higher, or we need a pullback significantly in order to offer value. Until I see one of those 2 things happen I will be on the sidelines but certainly would not consider selling regardless what happens.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
