The USD/JPY pair broke higher during the course of the day on Thursday, as we continue to try to break out of the recent consolidation area. Because of this, if we can break above the 121.50 level we are buyers. We have no interest whatsoever in selling this market as we think there is more than enough support below to keep it afloat. On top of that, the Bank of Japan will certainly try to do something to bring down the value of the Yen. With this, we feel it’s a one-way trade but also recognize there’s a lot of noise to work through.
