The USD/JPY pair fell during most of the Wednesday session as the risk appetite around the world fell off of a cliff. Also, the Bank of Japan failed to add to their easing at the meeting for the session, so buying the Yen was doable. The pair is still being watched by the Bank of Japan though, and as a result we aren’t ready to sell as the pair gets closer to the intervention levels of old in this area. The most likely scenario will have this pair bouncing around between the 79 and 80 handles as the market tries to digest news from Europe.
Written by FX Empire