The USD/JPY pair fell initially during the session on Thursday, but as a close the 99 handle, buyers stepped back into the marketplace and started to bid the price back up again. In fact, at one point in time during the session we managed to fall just short of the 100 level. We do think that eventually we break out of this area, and a move above the hammer for the session on Thursday were in fact be a post 100 print. We feel that it’s only a matter time, and as a result we are buying, not selling. Pullbacks will offer buying opportunities on the shorter-term charts going forward, and a daily close above the 100 area is enough to get us to go ahead and buy.
Written by FX Empire