The USD/JPY pair went back and forth during the course of the session on Thursday, as we struggled to break above the resistance barrier. With this, it looks as if the market will struggle to go higher, so we could very well pullback from here. On the other hand, if we break above the top of the range during the day on Thursday, we could grind our way to the 114.50 level. There is a significant amount of resistance all the way to the 115 level, so we need to break above there in order to hang onto the trade for any real length of time but that would be a very bullish sign.
