The USD/JPY had another down day on Thursday, but bounced yet again around the 75.50 area. The pair looks like it is trying to base at this area. The pair looks like it is trying as hard as possible to stay in the recent range, but the Bank of Japan has been quite vocal about its dislike of the falling value of this pair, and one has to wonder how long it will be before they intervene. The pair cannot be sold because of that, but the lows are starting to get lower. At best, this pair should be bought in small quantities, but avoiding this pair altogether isn’t necessarily a bad idea either.
Written by FX Empire