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Published on Nov 4, 2016
The
USD/JPY pair had a very choppy session during the day on Friday as the
102.50 level continues offer quite a bit of support. I believe that this
market will react very violently to the US presidential election, and
as a result it’s very difficult to trade this market between now and
then. However, if we get some type of earth shattering newsflash of the
weekend, that could influence where traders and that the elections going
to go. A break above the top of the hammer from the Thursday session
sends the USD/JPY pair to the 105 handle in my estimation. A break down
below the 102.50 level is negative, but there so much in the way of
noise just below their that I’m not comfortable shorting this market. So
in essence, I either am going to be long of this market or on the
sidelines.
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