The USD/JPY pair fell hard during the session on Monday, falling from the 100 level. This area offered significant resistance, and as a result it makes sense that we fell from here. This market needs to break significantly higher in order to go into a longer-term uptrend. We do believe that it will eventually happen, but this area is ripe for a pullback, said though we’re looking for supportive candle in order to start buying. Until then, we will be on the sidelines, unless of course we break up higher and above the most recent high.
Written by FX Empire