The USD/JPY pair shot through the roof on Thursday as the Bank of Japan announced massive stimulus measures. As you can see, we broke through the 95 handle like it wasn’t even there, and are closing roughly 3 1/2 handles above where we started. With that being the case, it looks like a breakout of 96.50 is imminent, but we do have the Nonfarm Payroll numbers coming out later today, which of course could move this market. However, if we managed to selloff after that announcement, this should bring in an excellent buying opportunity. Otherwise, we will continue to grind higher.
Written by FX Empire