The USD/JPY pair had a positive showing on Friday, breaking above the 97.50 handle. However, we did not break the top of the shooting star from the Thursday session, so although it looks bullish at this point in time, we technically have not broken through this resistance level. Ultimately, we do believe that this market goes much higher, and as a result we look at any pullback as a simple buying opportunity. With that being the case, we do recognize the fact that the 94 handle should continue to be quite supportive, and any pullback towards that general vicinity that produces some type of supportive candle gets our attention.
Written by FX Empire