The USD/JPY pair initially fell during the day on Friday, but then turned around to form a bit of a hammer. The 122 level below is massively supportive in our opinion, as we continue to consolidate between the 122 handle on the bottom and the 123.50 level on the top. We believe ultimately this market will break out above the 125 handle, but we may have to get the Nonfarm Payroll number on Friday first before we get the catalyst to move that far. Ultimately though, we noticed whatsoever in selling this market.
