The USD/JPY pair rose during the session on Monday, breaking back above the 97 handle. We will see resistance at 98, but quite frankly we think the longer-term trend is still going to be up over time. We are not sellers of this pair under any circumstances, as the Bank of Japan will eventually work the market to push the value of the Yen down. However, at this point in time we need to see the 98 level cleared on a daily close in order to start buying again. As far as selling again, absolutely nothing will get us to do that.
Written by FX Empire