The USD/JPY pair fell during the session on Wednesday, but really didn’t go anywhere in the end. Because of this, we feel that this market will continue to consolidate and grind sideways in the near-term, and possibly even longer than that. Nonetheless though, we still believe that this market will eventually go higher, but right now it is a battle between two extremely loose central banks, which of course causes a lot of drama. That being the case, we are simply on the sidelines but looking for some type of supportive candle in order to start buying.
Written by FX Empire