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Published on Oct 12, 2016
The
USD/JPY pair rallied during the course of the session on Wednesday, as
we continue to see quite a bit of bullish pressure. I think that there
is a massive amount of resistance above though, regional into the 105
level. If we can break above there, the market then is free to go much
higher, perhaps reaching towards the 107 handle after that. An
exhaustive candle could have me selling, but we honestly don’t have it
at the moment so I believe that the buyers are trying to build up enough
momentum to finally break out to the upside. I also recognize that the
103 level below is massively supportive, so pullbacks to that area that
shows signs of support could be buying opportunities as well. It’s not
until we go well below the 103 level that I’m considering selling.
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