The USD/JPY pair rose during the session on Tuesday, breaking above the 100 handle. This is a nice little breakout, and suggests that the market is going much higher. Because of this, we bought during the session, and we believe that buying is the only direction to go at this moment. We think that we will initially aim for the 101.50 level, and then eventually higher. That being the case, there’s absolutely no way to sell this pair right now as the Bank of Japan should continue to work against the value of the Yen, and risk appetite seems to be coming back into the marketplace.
Written by FX Empire