The USD/JPY pair fell during the session on Tuesday, showing that the bottom of the previous wedge is in fact offering resistance. However, we did bounce a little bit towards the end of the session so were not necessarily clear yet. That being the case, we think that this market will continue to bounce around in this general vicinity, and therefore we are watching but we need to see a daily close above the 99 handle in order to start buying as it would negate the entire idea of the wedge acting as resistance now.
Written by FX Empire