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Published on Oct 10, 2016
The
USD/JPY pair fell slightly during the course of the session on Monday,
and then turned right back around to form a fairly positive candle. With
this being the case, looks as if the market is going to try to reach
towards the 105 level given enough time, but I think there is a
significant amount of resistance starting at the 104 level. At the same
time, I believe that the 103 level below is massively supportive, and as
a result it’s very difficult to imagine selling at this point in time. I
believe that the Bank of Japan will continue to support this market
below, and that given enough time they will get involved every time we
fall if it is significant enough and I believe that the “floor” is the
100 level.
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