The USD/JPY pair initially tried to rally on Tuesday but found enough resistance above the 112.50 level to turn things around and form a negative candle.
The USD/JPY pair initially tried to rally on Tuesday but found enough resistance above the 112.50 level to turn things around and form a negative candle. By doing so, looks as if were going to test the 112 handle. That’s an area where I expect to see support, so I’m going to wait to see whether or not we can close below there before I would consider selling. Alternately, if we find some type of supportive candle, then I’m willing to buy as it is the bottom of the most recent consolidation area.
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.
