The USD/JPY pair fell hard during the day on Thursday but remains within the previous consolidation area. Because of this, we don’t really have any change in our opinion, just that we will have to wait to see if the 118.50 level offers enough support to keep the market afloat. In the meantime, we simply have no interest in being involved in this market as we are essentially in the middle of that consolidation range that we have been struggling with. With nonfarm payroll numbers coming out on Friday, one would have to believe based upon historical evidence that this pair will be greatly influenced.
