The USD/JPY pair fell during the session on Friday, but as you can see found enough support in the general vicinity of the 97.50 handle in order to form a hammer. This hammer signifies of the market should go higher from here, but quite frankly we think this market is more or less confused as the Federal Reserve seems to have its hands tied, and the Bank of Japan is pretty dead set on having a loose monetary policy. With that in mind, on a daily close above the 100 level were willing to buy, but in the meantime simply feel that this market going to be too difficult to be bothered with.
Written by FX Empire