The USD/JPY pair fell significantly during the course of the day on Thursday, but found enough support below to turn things back around and form a bit of a hammer. Because of that, it looks as if the market may try to bounce from here but we have a very significant amount of bearish pressure in this market at the moment so it’s difficult to imagine going long of this market so we are simply looking at rallies as potential selling opportunities. It appears now that the market will eventually try to reach the 110 level.
