The USD/JPY pair fell significantly during the course of the week, testing the 116 level. That area cause enough support to turn things back around and
The USD/JPY pair fell significantly during the course of the week, testing the 116 level. That area cause enough support to turn things back around and form a massive hammer though, and as a result it looks as if the market is ready to continue its upward momentum. The 125 level above is massively resistive, and if we can finally break above there it would be a longer-term “buy-and-hold” type of situation. The hammer looks just about perfect though, and as a result we believe that this market should be bought and not sold.
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.
