The USD/JPY pair had a strong showing on Friday, but did pullback from the 82.50 level. Right now though, it must be said that with the Wednesday hammer, it does look like we’re going higher. The Bank of Japan is getting ready to start training “unlimited yen”, and as a result this pair should continue much higher. We think that the 84 level will be targeted first, and if we can break above that level that this market will suddenly become a buy-and-hold proposition. As for selling, we have absolutely no plans to do so as long as the Bank of Japan is working so hard against that idea.
Written by FX Empire