The USD/JPY pair rose during the week as we smashed through the 86 handle. This pair continues to have a lift from the fact that the Bank of Japan is set
The USD/JPY pair rose during the week as we smashed through the 86 handle. This pair continues to have a lift from the fact that the Bank of Japan is set to continue printing yen going forward. The monetary policy of the Bank of Japan should continue to expand, and as a result we think this pair will eventually climb as high as 90. Looking at this chart though, it is a bit overbought at this point time, so a pullback could come. We believe 84 is the floor at the moment though, and would buy any type of supportive candle between here and there.
USD/JPY forecast for the week of December 31, 2012, Technical Analysis
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.
