The USD/JPY pair went back and forth during the session on Friday, showing significant volatility. However, we still believe that this market goes higher over the longer term, so pullbacks will be buying opportunities in this market. The 125 level above is massively resistive, but if we can break above there it becomes more of a longer-term buy-and-hold type of situation. There is an uptrend line just below that should continue to keep this market afloat, so this point time we are essentially “buy only.” We believe that the Federal Reserve raising interest rates in the future will continue to make this market look to the upside.
