The USD/JPY pair broke higher during the course of the session on Friday, completely wiping out the losses from Thursday. Ultimately, this shows that there is significant support at the 160 level, and as a result we believe that this pair will ultimately go higher and head towards the 120 handle. With that, we have no interest in selling this pair and we believe that pullbacks will continue to offer buying opportunities going forward, and as a result we are bullish. We believe that ultimately this pair will test the 122 handle, but that of course is going to take some effort.
