USD/JPY fell on Wednesday, and then bounced in the US afternoon. As a result, we have a hammer for the day – the second one in a row. There is talk of
USD/JPY fell on Wednesday, and then bounced in the US afternoon. As a result, we have a hammer for the day – the second one in a row. There is talk of possible intervention in the pair by the Bank of Japan, and as long as that continues – it will find a floor in the 76 range. Because of this, we would like to buy this pair on dips, but only for short-term trades. The range should continue to grind between 75.50 and 78 for the foreseeable future – barring that intervention.
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.
