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USD/JPY is facing a pullback ahead of a rebound

The USD/JPY rose on Tuesday’s session breaking above the 102 level again. The market remains well supported by the Bank of Japan and with the rising interest rates in the US Treasury markets we could see the much awaited push on the upside sooner rather than later. At 101.67 at the time of writing, the market started the day on a negative footing. We could see the pair going further down before retracing back. Any pullback all the way down to 100.85 could be seen a good buying opportunity. On the upside, a break above 102.6 would open the way to 103 and 103.7. Only a consistent break below 100.55 could delay the bulls from pushing this market higher.

Dafni Serdari
Market Analyst
Intertrader.com, Spread betting & CFDs
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