The USD/JPY pair broke out to the upside during the session again on Monday, proving just how strong this pair really is. Quite frankly, it does look a bit on the parabolic side though. With that being the case, we are bit hesitant to go long at this point, at least with any new positions. We had actually gone long previously, so therefore feel fairly confident about hanging onto the condition that we are in, but would not initiate new ones and to we get some type of pullback in order to show value. Obviously, we would not sell this market.
Written by FX Empire