By FXEmpire.com
The USD/JPY pair had a negative week over the last five sessions, but received a bit of a boost on Friday as the “risk on rally” kicked off due to bailouts proposed in the European Union. We are hovering around the 80 level, and this has been a bit of a magnet for prices. With this being said, there’s a very good chance that we continued to thrash about between 79 and 80.60 or so. With that being the case, we expect this to be very difficult to trade but we have an obvious entry point on the long side if we break the highs of this past week’s sessions, it would look as if the market was ready to rise back to about the 84 level. As for selling, we simply will not do it with the Bank of Japan being so heavily involved in working against the Yen.
Click here a current USD/JPY Chart.
Originally posted here
