The USD/JPY pair rallied a bit during the day on Tuesday, testing the 109.50 level. If we can break above there, I think the next move is to the 110 handle, but it is also just as likely that we will turn around and consolidate between here and the 108.50 level below. Because of this, this is essentially a “50-50” opportunity, and I don’t like those. Because of that, I am going to be on the sidelines waiting to see what this market does next. A break above the 110 level has me buying, and a breakdown below the 108.50 level has me selling. In between, I don’t have any interest.

USD/JPY Video 23.8.17

This article was originally posted on FX Empire

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