The USD/JPY pair had a slightly negative session on Friday, but remains supported by the 119 region. Because of this, we are bullish of this pair, but we do not think that it’s safe to start buying into we get above the 120 handle. Once we do, the market should then head to the 122 level, and then 125. We don’t have any interest in selling this pair, because the United States dollar continues to strengthen in general. With the Bank of Japan and its ultra-loose monetary policy, it makes sense that this pair should continue to go much higher.
