The USD/JPY rose during the session on Tuesday as the risk appetite rose as well. The 80 level above continues to be the current “ceiling” for price, and as a result we think that a clearing of that area needs to be seen before we can buy. As for selling, we all know that the Bank of Japan is working against the value of the Yen, so we simply cannot do this. We like buying on pullbacks, and would be aggressively long on a daily close above the 80 handle as it would show a significant change in momentum.
Written by FX Empire