The USD/JPY pair rose a bit during a very volatile session on Friday. However, the decided direction of this pair is down, and nobody expects that to change. A couple of failed interventions are all that the Bank of Japan has to show for its efforts, and as a result, traders are quite content in letting the market get bounced, and then selling again. It is in this frame of reference that we are selling. Granted, it could be a very slow grind lower – but it is a trade we are very willing to put out there. A break above 80 would be what it would take in order for the move to be negated in our opinion.
Written by FX Empire