The USD/JPY pair initially fell during the session on Friday, but as you can see bounced just a little bit to form a hammer. This hammer is in exactly impressive, but it does tell us that the market is going to continue going higher given enough time. With that, we believe that the 120 level below is supportive, and as a result we are “buy only” at this point. We have no interest whatsoever in selling this market as we believe that the next target is going to be the 125 handle.
