The USD/JPY pair initially tried to rally during the course of the day on Thursday, but found the area above the 119 level to be a bit too resistive. By finding that, it ended up turning back around and forming a shooting star. While this is a bearish sign, we recognize that the longer-term trend is most certainly to the upside, and we will continue to wait to see whether or not we get a buying opportunity. With this, we are on the sidelines waiting for a supportive candle in order to start going long.
