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.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
