The USD/JPY pair went back and forth during the session on Monday, but did in the day rather bullishly. Because of this, we think that the market is trying to find its way higher, and perhaps to the 100 handle in the short term. This is predicated mainly upon the 100 day EMA that was picked up by the hammer that had formed on Friday as well. Going forward, we fully expect the 100 level to offer a bit of resistance, but eventually that level should be broken as well and this market should continue to grind its way higher.
Written by FX Empire