The USD/JPY pair went back and forth during the course of the day on Friday, essentially showing that it is a very confused market. We don’t really believe that wholeheartedly, but would rather anticipate that we are probably going to drift a little bit lower in order to build enough pressure to the upside to break out above 104. We like buying supportive candles on dips, and also like buying a break above the aforementioned 104 level on a daily close. We think that the 103 level will be a bit of a “floor” in this market.
