The USD/JPY pair initially fell during the session on Tuesday, but as you can see bounced in order to breakout to the upside in above the 102 handle. As we close up the session, we are well above the 102 handle, and as a result it looks like we will go quite a bit farther on this leg of bullishness. The Bank of Japan is working against the value of the Yen, and the entire world knows it. Because of this, the market is a bit of a “one-way trade” at the end of the day. Looking forward, we expect all pullbacks to be buying opportunities and target the 105 handle in the relatively near term.
Written by FX Empire