The USD/JPY pair bounced during the day on Thursday, testing the 118.50 level. Ultimately, the market will have to get above the 119 level to eventually break out to the upside for any real length of time. Any resistive candle at this point in time could be a short-term selling opportunity though, but ultimately if we can break above the 119 level, the market should try to reach towards the 120.50 handle. Regardless, the one thing that we will see is quite a bit of volatility no matter what. Ultimately, this pair tends to follow risk appetite, so pay attention to the stock markets as they tend to correlate nicely.
