The USD/JPY pair did very little during the session on Thursday, as one would expect because of the nonfarm payroll numbers coming out during the day today. The 120 level above is still resistive, but we do think that once the market breaks above the highs from earlier this week, we should continue to go higher and aim for the 122 handle. Pullbacks at this point time should continue to be buying opportunities as this market will continue to see bullishness for the US dollar, as we believe the long-term trend is most certainly to the upside.
