The USD/JPY pair fell on Wednesday, slamming back into the 101 level. However, this area has been rather supportive lately, so we feel that this is more than likely going to be a buying opportunity more than anything else. In fact, we feel that there is a supportive zone all the way down to the 100 handle, which of course would be very obvious support. Going forward, we still think that this pair goes much higher, and as a result we do not short this market but are willing to buy it on signs of supportive pullbacks.
Written by FX Empire