The USD/JPY pair initially fell during the session on Thursday, but bounced enough to form a perfect hammer. This hammer suggests that the buyers are in fact still underneath there, and as a result we believe a break of the top of the hammer is in fact going to be a buying opportunity. We believe ultimately that the market continues to go higher, probably touching the 103 level which is the top of the recent consolidation area. Selling is not possible at this point in time, and quite frankly is something we simply are not interested in.
