The USD/JPY pair fell a bit on Thursday, but managed to bounce off of the 77 level for the second day in a row. It appears that there is someone or something below offering support for this pair, and it looks as if it could be starting to base for a move upwards. If we get above the highs from Tuesday, we will then be long of the pair, holding on for at least 150 pips, markets willing. We don’t sell because of the central bank threatening intervention.
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