USD/JPY had a slightly positive session on Monday, in what was a fairly quiet trading day. The pair seems to be finding a lot of support at 78, and we think the Bank of Japan could be behind this. The pair is either finding support - or forming a bearish flag that could run the market down to 76, which was the all-time lows last year.
The EUR/JPY pair attempted to rally, but found itself wanting by the end of the day as half of the gains were given back. The pair looks like it is forming a bearish flag....which is part of why we think the USD/JPY could fall as well. This pair is likely to see 90 in the next few months.
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