The USD/JPY fell after first rising during the Friday session to form a hammer just above the all-important 77 handle. Because of this, we are getting more and more interested in perhaps going long this pair. The world is buying USD, and the Bank of Japan is fairly active in fighting the ascension of its currency. Because of this, we expect this pair to continue to rise, albeit in a fairly tight and grinding manner. 79-80 is massive resistance.
About the FX Empire:
Readers of FX Empire have made clear it’s their first stop for daily and weekly news and analysis. The FX Empire proudly delivers technical analyses, fundamental analyses, Forex news, broker reviews and more; keeping our readers the best informed in the industry.
Check out the latest Brokers Reviews by FX Empire: xForex Reviews, 4XP Reviews, AC Markets Reviews.
