The USD/JPY pair fell initially during the course of the session on Thursday, but turned back around and form a bit of a hammer. That hammer should suggests that the market could reach all the way up to the 115 handle. However, that is a very resistive level, so we feel this is a short-term buying opportunity at best. An exhaustive candle above is a nice selling opportunity, but if we do finally break above the 115.50 handle, we feel that the market continues much higher to the upside and tries to challenge the 118.50 level next.
