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Published on Aug 8, 2016
The
USD/JPY pair gapped higher at the open on Monday, grinding a bit
higher. However, there is a little bit of resistance above, so it’s
likely that we may have to pull back a little bit before we continue to
go to the upside. I believe that given enough time we should continue to
reach towards the 105 level, mainly due to the fact that the Bank of
Japan is starting to lose it since the humor when it comes to the
strength of the Yen in general. Ultimately, I believe that there is a
massive amount of support just below, especially near the 100 level.
This I believe is a bit of a “line in the sand” when it comes to the
Bank of Japan, and with this being the case it’s likely that buyers will
return again and again every time we dip.
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