The USD/JPY pair rose during the course of the day on Friday, showing that there is still some resilience in this market. However, we recognize that the market has cooled off lately, mainly because the 125 level above is so resistive. We believe the market will continue to grind away, and it’s only a matter of time before he break out to the upside. That being said though, it’s difficult for traders to be involved at the moment, but we do recognize that every time we pullback it does represent potential value in the US dollar. With that, we are buying those pullbacks but not holding our breath for a major breakout in the near term.
