The USD/JPY pair fell initially during the session on Friday, but as you can see bounced enough in order to form a hammer. Because of this, we feel that this market will more than likely continue to go higher and as a result we are buyers above the 99 handle still. Ultimately, we think the Federal Reserve will make the decision on tapering that’s going to move this market in one direction or the other. If they do in fact taper, this will be the market you want to be long of, and we believe that this market will go very parabolic.
Written by FX Empire