USD/JPY: Current pullback could find support at 96.55
After re-testing the dizzy highs at 99.91, forming a double top, the bears have taken the upper hand in the market with the USD/JPY grinding lower since Friday. At 97.41 at the time of writing, the market is in indecisive territory this morning. The pair is capped by a declining trend line on the 30 min chart and looks set to challenge near term support at 96.55. This can be seen as a natural market reaction after the recent bull run. With the BoJ killing the value of the Yen, however, we expect the market to continue its grind higher in the, making the current pullback a good long term buying opportunity. As long as the market remains above 94.40 there is no reason for the long term bulls to worry. Only a consistent break below 93.31 could change the outlook to negative. Onto the main topics of today, all eyes will be on the FOMC meeting later in the evening.
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