The USD/JPY pair initially fell during the day on Friday, but then shot higher and above the 110 handle. This is a market that continues to see quite a bit of support underneath this area, so with that being the case we can break above the highs from this past week, we believe that the market will then reach towards the 112 level. We think pullbacks are buying opportunities and we have no interest whatsoever in selling this market but recognize that it is highly sensitive to risk appetite which can be seen in stock markets and of course commodity markets.
