The USD/JPY pair initially fell during the course of the session on Friday, but found enough support below to turn things back around to form a nice-looking hammer. The hammer of course suggests that the buyers are going to get back involved, and we also believe that the market should continue to consolidate overall. With that, a move above the 120 level has us aiming for the 121.50 level in the short-term, and if we can break above the 1.22 handle, we would start aiming for the 1.25 level. We have no interest in selling.
