The USD/JPY pair fell on Monday, reaching towards the 113 handle. There is a lot of support underneath there, and thus it’s likely that buyers will return
The USD/JPY pair fell on Monday, reaching towards the 113 handle. There is a lot of support underneath there, and thus it’s likely that buyers will return sooner rather than later. However, I think that the candle that we are forming during the day suggests that the short-term traders are going to continue to push hard. I think the 112 level is another major handle, and after the massive move that we’ve seen higher to the upside, I believe that it’s simply going to end up being a healthy pull back that will give us an opportunity to pick up value. You must be patient with this type of move though.
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.
