The USD/JPY pair fell initially during the course of the day on Thursday, but found enough support just below the 124 level to turn things back around and form a hammer. Is because of this that we believe the market is ultimately going to break out above the 125 handle, and that of course is a strong buying signal. With the Nonfarm Payroll numbers coming out today, it is very likely that it could be the catalyst for the move to happen. If we get a strong US jobs number, we believe that you’ll be buying this pair above the 125 handle.
