The USD/JPY pair had a slightly positive session on Wednesday, but in the end essentially did nothing. We continue to hover around the 99 handle, and as a result there isn’t much to trade in this market right now although we certainly have a “buy only” bias. This is based more upon the Bank of Japan and its shenanigans lately, rather than anything else. We obviously have a 100 level resistance area that needs to be overcome in order to continue the march higher. We do feel that it will happen sooner or later, but until then we are not comfortable buying this market unless of course there is a pullback that shows significant signs of support.
Written by FX Empire