The USD/JPY pair rose during the session on Friday, breaking above the recent resistance that we’ve seen. However, we still see plenty of resistance above, so it’s not necessarily the “all clear” signal that we are hoping to have. Nonetheless, break of the highs could send this market looking for the 103 handle, which of course is just above. If we get beyond there, we think the market has the 105 level. Any pullback at this point in time should have buyers below, and thereby would be enough for us to start going long again.
