The USD/JPY pair initially fell on Friday, but turn things back around to form a relatively positive candle. However, the candle did not break out of the recent consolidation, so we aren’t overly impressed by this move quite yet. We believe that this market will ultimately breakout to the upside, but there so much noise right now that it’s very difficult to get involved with any type of large position. All things being equal, we do believe that this market will ultimately grind to the 103 level, but it will take some significant pressure to do so.
