The USD/JPY pair initially try to rally on Friday, but turn things back around and formed a very nasty looking bearish candle. That being said though, we believe that the longer-term Outlook of the pair is higher, and as a result we have no interest in actually selling it. We would look for a supportive candle below in order to go long of this market, and will continue to do so until we break down below the 101 level, something that looks very unlikely at the moment. Because of this, we believe in the longer term validity of the uptrend, and fully expect to see the 105 level challenged given enough time.
