By FXEmpire.com
USD/JPY fell for most of the week, only to bounce off of the same exact area did the previous week. The 78 handle now looks very strong, and as such we are going to be buying the closer we get to that level. In fact, unlike most trades we are willing to simply buy at the level instead of trying to wait for a candlestick formation.
A break of the highs from this previous week would in fact be a massively bullish signal, and we think this market would run to the 80 handle. If we can get above 80.60 the next stop for this market in our opinion is 84. Above there – we are looking at a very long-term trade.
The Bank of Japan since underneath the 78 handle and as such it’s hard to believe that they will allow the market to fall much farther than that handle. There is a ton of noise and resistance just below, and as such we simply will not sell this currency pair.
Click here a current USD/JPY Chart.
Originally posted here
