The USD/JPY pair fell initially during the course of the session on Tuesday, but bounced enough to form a bit of a hammer. The 105 level continues to ask supporters to come into the marketplace, and a break above the top of the hammer should send this market looking to upward levels. After all, the Bank of Japan is looking to the value the Japanese yen, so with this being the case I think it’s easier to buy this market than selling, because you have to worry about the central bank getting involved.
