The USD/JPY pair fell during the session on Wednesday, continuing to selloff and aim for the 99 handle. This market is under serious pressure, but in the end we still believe that the Bank of Japan will get its wish, which of course is a much higher conversion rate. On a move above the 100 handle for a daily close, we would not hesitate to start buying this pair. As for selling, we simply won’t do it as there are far too many supportive areas below that could cause problems for sellers going forward.
Written by FX Empire