The USD/JPY pair initially tried to rally during the session on Tuesday, but found the 115 level far too resistive yet again. If we can break down below the bottom of the shooting star, I think that we pull back to the 50-day exponential moving average. Ultimately, I think if we can break above the top of the shooting star from the Friday session, then we will go much higher, perhaps reaching towards the 118.50 level above. This is a longer-term uptrend, and I believe that the FOC Statement could be reason enough for this market to break out.
Written by FX Empire