The USD/JPY pair fell initially during the session on Thursday, but continues to meander around the 117.50 level. Because of this, we feel that the market is just simply waiting for this announcement to make a decision. We do believe that ultimately this market goes higher, and therefore we don’t really have any interest in selling. We think the pair will go to the 120 level, the 121 level, and then the 122 level. We believe once we get above there the pair will be a longer-term buy-and-hold situation. Under that circumstance, we would be buyers on dips.
