The USD/JPY pair broke higher during the course of the day initially on Thursday, but failed to hang onto gains. Because of this, we think that short-term pullback could be coming, but we have no interest in selling this market. We believe that the US dollar will continue to strengthen over the Japanese yen, and a lot of this probably has more to do with Greece and Chinese fears than the longer-term trend. As long as we can stay above the 120 handle, we are buyers as both the uptrend line and the 120 round figure seems to be signs of support.
