The USD/JPY pair initially broke higher during the course of the day on Friday, but the 109.50 level offered enough resistance to turn things back around.
The USD/JPY pair initially broke higher during the course of the day on Friday, but the 109.50 level offered enough resistance to turn things back around. Ultimately, we ended up forming a shooting star, so of course it looks as if we are ready to pull back a little bit, but at the end of the day we think that pullbacks will simply be buying opportunities at lower levels. We are looking for supportive candles in order to go long, and think that the 107 level would be the first significant candidate for that particular entry.
USD/JPY Forecast September 22, 2014, Technical Analysis
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.
