The USD/JPY pair initially tried to rally during the course of the week but as you can see struggled just below the 110 level. This is an area that has
The USD/JPY pair initially tried to rally during the course of the week but as you can see struggled just below the 110 level. This is an area that has psychological resistance to it, and the fact that we pullback should be much of a surprise. We formed a hammer from the previous week though, so there’s still should be quite a bit of volatility just waiting to happen in this marketplace. Simply put, if we can get a daily close above the 110 level, we would be willing to start buying on a longer-term perspective.
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.
