The USD/JPY pair rose during the session on Wednesday as the market broke above the 81 handle. The recent bounce has been from just above the 50% Fibonacci level, which is just above the 80 handle itself.
With the 200 day EMA just below that, we are overall bullish of this pair still. With this being said, we are still willing to buy pullbacks in this market as the Yen will continue to be worked against by the Bank of Japan, who reiterated yesterday that they are willing to print “unlimited Yen”, in a nod to the Swiss policy that has been working so well.
Written by FX Empire