The USD/JPY pair initially tried to rally during the course of the session on Friday, but found enough resistance above the 118.50 level to turn things back around and form a rather negative candle. That being the case, the market looks as if it is trying to break down, and a move below the bottom of the hammer from the Thursday session should send this market looking for the 116 handle. Ultimately, we believe in selling rallies until we get above the 119 level. Given enough time, we do think that the buyers will come back, but they look a bit hesitant to do so at the moment.
