The USD/JPY pair initially fell during the course of the session on Thursday, but found enough support below the 190 level to turn things back around and form a fairly positive looking candle. Ultimately, the market looks as if it’s ready to test the 120 level, but we recognize that area as being resistive. Pullbacks offer buying opportunities, but we think the market will probably be better traded off of the short-term than the long-term at this point. With this, we are bullish and have no interest whatsoever in selling as the US dollar continues to strengthen.
