The USD/JPY pair fell significantly during the course of the session on Friday, but found enough buyers below to turn things back around and form a massive hammer. On a break above the top of the hammer, we believe that the market will then reach towards the 121 level, and then eventually the 122 level. Above 122, the market then runs to the 125 level. We have no interest whatsoever in selling, and recognize that it’s only a matter of time before this pair goes higher every time we dip. Ultimately, this is a “buy only” market.
