The USD/JPY pair fell during the bulk of the session on Friday, but as you can see found enough support at the 97 handle in order to form a pretty decent looking hammer. Because of this, we feel that the market will bounce from here, but it’s going to be a short-term bounce at best, as this market is extraordinarily choppy. That being the case, a break of the top of the hammer is enough to get us to start buying this market and aiming for the 98 handle. For selling is concerned, were not interested.
Written by FX Empire