The USD/JPY pair broke higher during the course of the session on Thursday, but failed to break out above the little bit of resistance at the 119 level. We do think that the market continues to go higher though, and as a result we buy pullbacks and we believe that the market will eventually break above the 120 level given enough time. Ultimately, this market continues to be a “buy-and-hold” type of marketplace going forward, and we feel that we cannot sell this market has every time it falls, you have to think of it as offering value in the US dollar.
