The USD/JPY pair initially rallied during the course of the day on Wednesday but found enough resistance above to give up about half of the gains.
The USD/JPY pair initially rallied during the course of the day on Wednesday but found enough resistance above to give up about half of the gains. Nonetheless, I believe it’s only a matter of time before we continue to grind higher, so I think short-term traders will continue to be buyers. The Bank of Japan is sitting below and willing to act if they have to, so at this point in time I don’t really think there is much else you can do but buying for short-term gains. At this point, I have a target of 108.
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.
