The USD/JPY pair did very little during the session in the end, considering that there was a significant amount of volatility. The market is closing just above the 96 handle, but has formed a very neutral looking candle. We trying to breakout to the upside, but did not seen in doing so, but this candle does give us a nice frame of reference now. With that being said, we believe that a break of the highest from the session should be seen as a buy signal. Alternately, we think that the 94.50 – 95 level should offer quite a bit of support. With that being said, we would be more than willing to buy pullbacks that find support down in the general vicinity.
Written by FX Empire