The USD/JPY pair went back and forth on Friday, showing quite a bit of reluctance to make any real move. Ultimately, this is a market that should continue to go lower, but we also recognize that a short-term bounce could happen. It’s not until we get above the 150 level that we would be buyers, so we are looking for weakness to sell war break down below the bottom of the range for the session on Friday. Remember that this pair tends to be very sensitive to risk, so pay attention to the stock markets out there.
