The USD/JPY pair broke down during the session on Thursday, slicing through the 115 handle. Although this is a very negative move, the reality is that
The USD/JPY pair broke down during the session on Thursday, slicing through the 115 handle. Although this is a very negative move, the reality is that there are several support barriers below, extending all the way down to at least the 111.50 level. Because of this, I am standing on the sidelines waiting for some type of supportive candle to go long. Once I get that, I will not hesitate to start buying the USD/JPY pair because it is so bullish longer term. This pullback is healthy, and should attract enough buyers to build momentum back into the uptrend.
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.
