The USD/JPY pair had a very violent session on Friday, as nonfarm payroll numbers came out. This is typically a very rough day for this pair, and the fact that we feel like this tells us that the market still does not have the momentum to break out above the 103 level. With that, we feel that the market is going to continue to consolidate, and quite frankly we think that downward action will probably occur, but recognize that the 102 areas should continue to offer potential buying opportunities as it has been so supportive and resistive over the course of several months.
