The USD/JPY pair shot straight up at the open after the Christmas holiday on Wednesday. We are significantly above the 85 handle now, and as a result feel that this market has completely broken out and has much higher to go over the long term. In fact, this has just become a buy-and-hold situation for us. We see absolutely no reason to sell this market, and now feel that 84 will be the “floor” in this marketplace going forward. Our first significant target to the upside is the 88 handle, followed quickly by the 90 handle which we feel will eventually be hit. We think that 2013 will be a very bullish year for this market.
Written by FX Empire