The USD/JPY pair rose a bit during the Thursday session as the Yen lost against most other major currencies. The recent break of the 80 level is a very strong signal, and as a result we are “long only” in this market. The 80 will continue to be overly supportive in our opinion, and the trend is starting to change, based upon a recent break of a multi-year trend line. The 200 day EMA has been broken above recently as well, so we are buying pullbacks going forward. The 0.85 level above is our next longer-term target, and if we can get above it – we think this trade goes to parity eventually.
Written by FX Empire