The USD/JPY pair fell during the bulk of the session on Friday after the nonfarm payroll numbers came out, but found enough support near the 102 level to bounce and form a nice-looking hammer. However, the 103 level above has been resistive so it’s difficult to get overly bullish at the moment. Going forward though, if we can get above the 103 level, we believe fully that this market will continue to climb. We ultimately believe that the 105 level will be targeted, although there could be several stops along the way.
