The USD/JPY pair initially rallied during the course of the session on Friday, but turned back around to test the bottom of the hammer that formed on Thursday. Nonetheless, we find yourselves simply consolidating, and it is not a market that we are willing to be involved in quite yet. However, we do think that ultimately this market goes higher and therefore we have no interest in selling for sure. We think the 125 level above continues to offer resistance, and it is not until we break above there that it’s more or less a “buy-and-hold” market though.
