The USD/JPY pair fell initially during the course of the day on Thursday, but turned back around to form a bit of a hammer. We continue to meander around the 120 level though, so it appears that the markets are essentially comfortable in this general vicinity. You can make out that there is a potential triangle that we are working with, and with the GDP numbers coming out of the United States today it’s very likely that we will go higher if the number is decent. We expect at that point in time the market will reach towards the 122 handle.
