The USD/JPY pair rose slightly during the session on Friday, testing the 124 handle. However, the market is a bit overextended at this point time, so we are hesitant to start buying. Quite frankly, we need to see some type of pullback in order to start buying again as the market has possibly gotten ahead of itself. On top of that, the 125 level above should be somewhat resistive due to the fact that it is a large, round, psychologically significant number. We believe that the 122 level below is the “floor” in this market.
