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.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
