The USD/JPY pair fell during the course of the session on Friday, but turned back around to form a little bit of a hammer. Quite frankly, the market is looking to break out above the 125 handle, and as a result we believe that every pullback is a simple exercise in momentum building, and that is a bullish sign. If we break above the 125 handle, we feel that the market will eventually make its way towards the 130 handle. We’ve no interest in selling this market at all, simply because there’s far too much in the way of support below.
