The USD/JPY pair initially rose during the session on Friday, but turned back around the 105.50 level in order to fall all the way down to the 104 level. The resulting candle was based upon the nonfarm payroll numbers been so poor during the session on Friday, and as a result we could see a little bit of continued weakness in this market. However, we believe that this pair is in a longer-term uptrend anyway, so we are waiting for supportive candle below in order to start buying. Alternately, if we did break the high of the session from Friday, we would also be buying there.
Written by FX Empire