The USD/JPY pair rose during the course of the session on Thursday, as the 120 level continues offer support. We believe that the US dollar will continue to strengthen over the longer term, given the fact that we have come so close to wiping out all of the losses from the Federal Reserve statement on Wednesday. Because of this, we believe that the uptrend is very much alive, and that pullbacks will continue to offer buying opportunities. We have a target over the next several weeks of 125, and therefore are very bullish going forward.
