The USD/JPY fell again this past week, but formed a hammer at the 76 level – something is up. The Bank of Japan has been jawboning the pair as it reaches this level, and people are starting to speculate that they are possibly intervening in a clandestine manner down there as well. Because of this – we cannot sell, but finding a longer-term buying opportunity is going to be tricky at this point. For the long-term trader, waiting is simply going to be the name of the game in this pair.
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