The USD/JPY pair fell during the session on Tuesday, but just barely sell. The 99 handle offered support, and as you can see stopped any significant selloff. In our opinion, this is a “buy only” market place, so obviously we would have been selling into this bearishness anyways. Nonetheless, we still see the 100 level as the area that has to be broken to the upside for the buyers to take control again. Until then, there is the possibility that we are forming some type of ascending triangle, but quite frankly we would buy dips or wait for that breakout before getting involved.
Written by FX Empire