The USD/JPY pair has gone back and forth during the course of the session on Friday, and with this being the case it’s likely that we are starting to hesitate now that we get close to the 100 handle. This is an area that should attract a lot of attention due to the large, round, psychological significance of the number, and of course the threat of Bank of Japan intervention below. Ultimately, I do think that this market bounces but it will be very volatile and it will be very difficult to hang on to trade for any real length of time.
