The USD/JPY pair fell during much of the session on Wednesday, but found the 82 level supportive by the end of the session, and formed a hammer. This hammer suggests that we are going to continue higher in this pair although we do see quite a bit of resistance above. In fact, the 82.50 level will have to be overcome to continue higher. This market looks like one that has a sideways bias with a slightly upward “tilt.” Because of this, we are more than willing to not only buying this market, but hold onto it. We see 84 is the next major barrier to overcome, if we do that we could go much, much higher.
Written by FX Empire