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Published on 31 Oct 2016
The
USD/JPY pair bounced a bit during the day on Monday, after gapping
lower. It appears that the market is still attracted to the 105 level,
and that we could very well break above there given enough time but I
feel that we need to continue to build up quite a bit of momentum in
order to actually make this move. The 103 level below continues to be
the “floor” in this market as we have quite a bit of bullish pressure. I
have no interest in selling, and I feel that given enough time we will
reach towards the 107 level above. With that being the case, I have no
interest in selling and believe that sooner or later buyers will return
so therefore if you are patient enough, you can take advantage of this
momentum.
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