The USD/JPY pair had a very back and forth session on Monday, essentially going nowhere during the trading day. This came after a massive move higher on Friday, as we had broken above the 95 handle. We still are very bullish of this market, and would look at any pullback in this general vicinity as a buying opportunity. We still plainly believe that the 100 handle will be reached, and now the question is whether or not we will get a pullback first in order to buy from cheaper levels. Based upon the action on Monday, it’s not a real stretch to think so, but if you are comfortable with a little bit wider stop than usual, you could essentially go along at this point in time, knowing that it isn’t until we break below the 94.50 level that support as truly given way.
Written by FX Empire