The USD/JPY pair rose during the course of the session on Tuesday, plowing into the 120 handle. That level offered a little bit of resistance, but ultimately it’s only a matter time before we break above there in our opinion. With this, we remain bullish of the US dollar as the world seems to favor the greenback at the moment. We have no interest in selling, and look at any pullback as value in the Dollar. We recognize that the 118.50 level should remain rather supportive going forward. Ultimately, we anticipate seeing this market go to the 122 handle.
