The USD/JPY pair did in fact go much higher during the session on Thursday as the job summer came out better than anticipated. Because of this, it appears that the Federal Reserve is just that much closer to tightening monetary policy than before. On the other side of the Pacific, the Bank of Japan has absolutely no interest in tightening monetary policy at the moment, so it stands to reason that this pair will continue to go higher. If we can get above the 103 level, this market could very easily go to the 105 level given enough time. Pullbacks should continue to offer buying opportunities.
