The USD/JPY pair fell on Wednesday, but managed to rally in the latter hours. The candle shape is similar to a hammer, and now looks like it wants to be supportive at these levels. We know that the central banks are sitting below the 80 line, and as such we only buy. We can also see major resistance at the 82 level, and believe that we are going to see consolidation for the near future. We like buying on dips at this point.
Written by ForexMansion.com