The USD/JPY pair fell during the session on Thursday, but as you can see bounced enough to form a stubby little hammer. With that being the case, it looks like we still have upward pressure in this marketplace, and that the 100 level will eventually be broken. In fact, we believe that this market will eventually reach the 110 level sometime this year, and that if we can get above the 100 handle, it should be an explosive moment in this pair. We buy pullbacks, as it should offer value, and never sell this pair. On a daily close above the 100 handle, we would not only be long of this market, but aggressively so.
Written by FX Empire