By FXEmpire.com
The USD/JPY pair fell again for the week, but is currently testing the 80 support area. The market closed just below the handle, but only by 15 pips – not exactly convincingly. The pair is at the site of the massive breakout, and the 50% Fibonacci level is just above as well. The 200 day moving average is supporting the pair on the daily charts, so we are bullish instead of bearish. However, we need to see the market break above the highs of the week in order to go long at this point. Selling isn’t an option as the Bank of Japan is more than likely watching below.
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Originally posted here
