The USD/JPY pair tried to rally during the session on Tuesday, but gave back quite a bit of the gains to close just underneath the 97 handle. This of course shows that the market will struggle to go higher, although we firmly believe that a bounce is probably coming. Having said that, it’s likely that the markets will struggle and as a result we believe that it’s going to be difficult to go long in this market but we certainly don’t want to short considering how the Bank of Japan is working against the Yen. That being said, we are on the sidelines.
Written by FX Empire