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Published on Nov 3, 2016
The
USD/JPY pair fell during the day on Thursday, but found enough support
just below the 103 level to turn things around and form a nice-looking
hammer. The hammer of course is one of the most bullish candlesticks
that you can get, and as you can see on the chart I have a small line at
the 103 level which has been relatively supportive and resistive in the
past. I think that shows that the buyers are going to continue to
pushes market higher and if we can break above the top the hammer I
think we could then find yourselves reaching towards the 105 level. With
you should keep in mind that the Nonfarm Payroll Numbers coming out
during the day today has quite a massive amount of influence into this
currency pair. If the number is good, the US dollar should rise. If it
is bad, the market should then drift lower but I think there is quite a
bit of support below so I have no interest in selling.
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