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Published on Nov 27, 2016
The
USD/JPY pair went back and forth during the session on Friday, as the
112.50 level offers significant support. At this point, I believe that
it’s only a matter of time before we see some type of pullback, perhaps
reaching down to the 110 level. This is a market that is clearly broken
out and changed the overall trend, but at this point we need to pullback
in order to build up enough momentum to finally go even higher. I think
the pullback could be rather significant, and I would prefer to see
several days’ worth of negativity first. I would not sell this pair
though, I would simply wait for a supportive candle in order to turn
things back around and start going long yet again. I have no interest in
selling this market at all.
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