The USD/JPY pair fell initially during the course of the session, but found enough support to turn things back around and form a hammer. The top of the hammer touches of the 120 level, and as a result we believe that a move above 120 is a buying opportunity as we should head to the 122 level. After that, we believe that the market should continue to go higher, probably to the 125 level. We believe that the market will eventually go much higher than that, as it becomes a “buy-and-hold” situation under that scenario.
