The USD/JPY pair fell during the session on Friday, but found enough support at the 92 handle to bounce and form a hammer. This hammer suggests that we are going higher, but we do think that this market has run a bit too far lately and as such will be avoiding buying this market up here. We think that the market will continue higher overall, the pullbacks will be what we used to get involved. In the meantime, we are on the sidelines and do recognize that the 90 handle should be the floor going forward.
Written by FX Empire