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Published on Nov 14, 2016
The
USD/JPY pair broke higher on Monday, clearing the top of the hammer
from the Friday session. By doing so, it shows that we continue to see
quite a bit of bullish pressure, and then when we broke above the 107.50
level, things got very interesting as the market continues to simply
explode to the upside. Because of this, I believe that the market is
going to reach towards the 110 level, but if you are not involved in
this market at this point yet, it’s probably best to wait for pullbacks
and show signs of support in order to pick up a bit of “value” going
forward. After all, we are a bit overextended but I do think it’s only a
matter of time before the buyers reenter the market every time we
pullback.
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