The USD/JPY pair went back and forth in a very volatile session on Friday, as the market continues to try to figure out what to do next. We do believe ultimately this pair goes higher though, breaking above the 125 level again. We look for supportive candles though, so we will simply be patient enough to wait for them to appear and tell us to start buying. We believe that the “floor” in this market is somewhere near the 121 handle, and as a result we are bullish but going to be very cautious.
