The USD/JPY pair broke down during the course of the day on Friday, slicing into the 122 handle. With this, it looks like we’re going to test the uptrend line, so we are looking for some type supportive candle in order to start buying. Nonetheless, we have no interest in selling this pair, at least until we get well below the 120 handle, something that isn’t going to happen right away. Remember, this pair tends to follow stock markets in general, and they of course had a very bad session on Friday so the move lower has been exacerbated because of that, and of course low liquidity due to holiday season.
USD/JPY Forecast August 24, 2015, Technical Analysis