USD/JPY fell on Tuesday, as traders sold the USD against most currencies. The main reason is that nothing bad came out of Europe for once. The truth is this pair is very heavily supported just below these levels, so it isn’t possible to short it. In fact, we like the idea of buying, and aiming for a small gain – perhaps about 40 pips or so. The area has held as support, and will continue to do so until it proves otherwise! A close below 76 gets us out of this kind of trade.
