By FXEmpire.com
The USD/JPY pair had what is known as an “inside day” on Monday, as the entire range fit within the range of the Friday candle. The pair looks as if support is coming into play at the 78 handle, and the Bank of Japan certainly must be looking at potential moves against the Yen at these higher levels. The US dollar may be weighed upon by the Fed, but the reality is that the Fed is somewhat limited in what it can do about easing. With all things being equal, we prefer to buy this pair, but haven’t seen the nice supportive candle necessary yet.
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Originally posted here
