The USD/JPY pair gained again during the session on Tuesday, but gave up about half of what it accomplished. This pair still looks positive in our eyes, and we think that a further weakening of this pair will only invite more sellers. Because of this, we are willing to buying this market on any supportive action, but do not see it quite yet. We think that the 82 handle should continue to support this market, and as such we would expect that candle fairly soon.
With all this being said, we are very bullish of this market longer-term, but do recognize the fact that we are in the middle of a “bottoming process”, and as a result the moves could be relatively erratic.
Written by FX Empire