The USD/JPY pair fell during the course of the day on Thursday, but bounced enough to form a bit of a hammer. Since we are bullish of this pair longer term anyway, we like this hammer and a break above the top of the shooting star from the Wednesday session, which is roughly 120.75 or so, has us buying this pair yet again. We have no interest in selling, as we see more than enough significant support below on longer-term charts to keep the sellers back. We believe ultimately this market reaches towards the 123.50 handle given enough time.
