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Published on Nov 1, 2016
The
USD/JPY pair initially tried to rally during the day on Tuesday, but
turn right back around as the 105 level has offered way too much in the
way of resistance. Having said that, I think there is a significant
amount of support below, extending all the way down to the 103 level, as
there is so much noise between here and there. Yes, this is a very
negative candle, but the overall selloff when it comes to the US dollar
is a bit overdone now, so loose as far as I can tell. With that being
the case am waiting to see whether or not we get a supportive candle
that we can start buying as there is so much positivity below. With this
being the case, I am simply waiting for stability and forth.
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