The USD/JPY pair initially fell during the course of the day on Friday, but as you can see the market did find enough buying pressure nearly 101.50 level to turn things back around and form a hammer. We are still right dead in the middle of the larger consolidation area between the 101 and 103 levels, so we are not looking for any reason to get involved at the moment. Nonetheless, we do believe that the market will ultimately go higher, and probably break out to the upside. Perhaps short-term long positions could be played, but that’s about it at this point.
