By FXEmpire.com
The USD/JPY pair managed to fall below the 78.75 level and hit the 78.50 level during the Thursday session. The market does of course look fairly weak, but we also know that the Bank of Japan has been involved in this pair several times in the recent past. With this in mind, we don’t sell this pair at these low levels, and are simply looking for a buying opportunity. We think that the 78 handle should be rather supportive, and would buy supportive candles down at that area.
If we can break higher, we think the 80 handle will be the first target. Above that, we could see the 80.60 level be targeted as well. If we get above that level, we think this is a buy and hold trade that becomes a long-term investment.
Click here a current USD/JPY Chart.
Originally posted here
