The USD/JPY pair initially tried to rally during the course of the week, but we found the 125 level to be a bit too resistive. By doing so, we ended up
The USD/JPY pair initially tried to rally during the course of the week, but we found the 125 level to be a bit too resistive. By doing so, we ended up forming a shooting star, which of course is a very negative sign. The uptrend line below should continue to this market going higher, but a pullback may be necessary in order to break out above the 125 handle. We do think it happens given enough time, but at this moment in time we are going to look for value and support at lower levels before putting money to work.
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.
