The USD/JPY pair broke higher during the course of the session on Friday, breaking the top of the hammer that informed on Thursday. With that, we should also mention that there is a nice-looking hammer on the weekly chart based upon the 105 handle, so quite frankly this is a “buy only” market now. We believe that the market will go to the 110 level, but it could be a bit choppy on the way up there. We get above the 110 level though, we feel that the market will go into a longer-term uptrend.
