The USD/JPY pair went back and forth during the course of the day on Thursday, ultimately printing a very neutral candle. This neutral candle sits just below the 103 level, and as a result we think that the market is simply waiting to see what happens with the nonfarm payroll numbers coming out later today. Because of this, we feel that the market could possibly break out, and if we do we feel that this market can go to the 105 level. However, there is the possibility that we pull back. If that’s the case, we would expect to see the 102.50 level to be supportive and therefore would be willing to buy down there as well.
