The USD/JPY pair broke higher during the day, slamming into the 115 handle. This is an area that I think it leads the market much higher if we can break above a, and with today’s jobs number 3 likely that we could get that announcement making it happen. Ultimately, I believe that selling is impossible, and we should continue to see buyers at lower levels. Given enough time, expect this market to reach towards the 118.50 level above, which was the most recent high. On the other side of the Pacific Ocean, the Bank of Japan still looks light years away from doing anything hawkish.
Written by FX Empire