The USD/JPY pair had a negative showing on Tuesday, dipping back to the 96 handle. However, this market is most certainly bullish and we certainly wouldn’t sell it. Looking at the 95 handle, we also see an area where a lot of support can come into play, and as a result we think that any kind of pullback should be a simple buying opportunity. In fact, that is exactly what we are waiting on currently. As far as the forward direction of this market, we firmly believe that we have entered a multi-year bullish rally for this marketplace as the Bank of Japan will certainly put a floor in this currency pair.
Written by FX Empire