The USD/JPY pair fell during most of the session on Thursday, but as you can see bounced in order to form a hammer that is situated right around the 99.50 level. Because of this, we think that buyers are going to step back into the marketplace, and probably push the market back towards the 100 level. Of course, that’s not a whole lot of room to move but we do recognize the fact that there is a certain upward bias to this market, and therefore only look to buy on short term charts, and never to sell.
Written by FX Empire