The USD/JPY pair initially rose during the session on Friday, bouncing off of the 101.50 support area. That being the case, it does look somewhat bullish down here, but we gave back about half of the gains. With that, expect choppiness, but the 101.50 level has been supportive for some time. We still believe that the market continues to go higher, and as a result we expect to see the 103 level targeted, probably the 105 level given enough time. A break above the 102 level would kick off a nice leg higher.
