The USD/JPY pair initially rallied during the course of the session on Thursday, but fell backwards a little bit to form something along the lines of a shooting star. With that, the market looks like it is ready to continue to go lower, perhaps heading down to the 121 handle. With this, we believe that short-term traders may try to sell this market but we are more comfortable buying supportive candles. With that, we are on the sidelines looking for buyers to come back in and tell us when it’s time to start going long yet again.
