The USD/JPY pair fell hard during the course of the session on Friday, as the pair continues to bang around and consolidate. Just below at the 118.50 level we see quite a bit of support, so we think that that is going to be a bit of a “floor” in this marketplace. With that, we are simply waiting for a supportive candle in order to start buying yet again. We have no interest in selling, the US dollar has been so strong recently and it’s a bit difficult to imagine selling it even though the Japanese yen is a safety currency.
