The USD/JPY pair went back and forth during the course of the session on Friday, as the 120 level continues offer a bit of support. We believe that the market will ultimately go higher, but pullback could come as the longer-term charts look a little on the overbought side. Any time this market falls though, we begin to look at that as “value in the US dollar”, and therefore we are buyers time and time again. Ultimately, this market should then go to the 125 level given enough time and as a result makes us a longer-term “buy-and-hold” trader.
