By FXEmpire.com
The USD/JPY pair fell this past week, but ended the session by forming a hammer on both the Friday candle, and the weekly candle. With the Bank of Japan wanting to push this pair up, it is probably only a matter of time before they intervene. The risk is obviously on traders’ minds as well, as they have backed off in the end. The intervention level of 77 is roughly 100 pips above where we stand at the close, and the markets are possibly bracing for that Yen selloff that the BoJ is talking about. We would buy on a break above 77.50, but never sell.
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