The USD/JPY pair fell again during the session on Monday, breaking the back of the Friday hammer in order to close below the 97 level. This does suggest that we are going to go lower, but we see far too many areas below that could cause a bit of support be completely comfortable shorting this market, and therefore are a bit cautious. On top of that, the nonfarm payroll numbers haven’t come out yet, and we know that those numbers typically affect this market greatly. Because of that, we are actually on the sidelines and are going to stay there until after the nonfarm numbers come out.
Written by FX Empire