USD/JPY rose during the previous week as the 77 level seems to be a “line in the sand” for the Bank of Japan. The area has held up extraordinarily well in the face of serious risk off type of trading environment globally. The 80 mark above looks to be very strong resistance, and as such, we find this trade a little difficult to hang onto. If we can clear the 80 level – this pair goes up and much higher than most people will expect. We don’t’ short this pair, as it invites the Bank of Japan to intervene.
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