The USD/JPY pair had a negative showing during the session as we went back and forth on Wednesday, hugging the 93 handle. The hammer candle from the Tuesday session suggested that we have support in this general vicinity and it does in fact look like that at the end of the day.
With the Bank of Japan having a monetary policy meeting this morning, this pair will more than likely be volatile. It has sold off in anticipation of this move, so perhaps we could get that knee-jerk reaction higher. Ultimately, we do believe this market goes higher, and are buying on signs of support.
Written by FX Empire