The USD/JPY pair fell during the session on Tuesday, but as you can see respected the bottom part of the triangle that we have been talking about the last couple of sessions. Because of this, we feel that this market will continue to tighten up, at least until we get the nonfarm payroll report on Friday. If and when we get the move though, we believe that it could be a significant one once we break out of this triangle. Ultimately though, we do feel that this market will more than likely go higher over time and as a result we do prefer a breakout to the upside.
Written by FX Empire