The USD/JPY pair try to rally during the session on Tuesday, but failed at just below the 105 level again. This is an area that has been a bit difficult for the buyers to overcome recently, so we think that the downwards trend may continue. However, this should simply be thought of as a “rest” for the market, as we still believe in the longer-term uptrend. A daily close above 105.50 witty in fact begin the next leg higher and send this market looking for the 110 handle. In the meantime, we would consider buying supportive candles as they show up.
