The USD/JPY pair initially fell during the day on Thursday, but found enough support to shoot much higher and challenge the 102 region. We did not break above there, but it does look like the bullish momentum should continue, with pullbacks offering buying opportunities, as we are closer towards the bottom of the consolidation area them the top. These pullbacks should represent some Valium, and as a result we feel it’s only a matter of time before the buyers push the market much higher. Ultimately, we think we do break out to the upside, so we think that buying within the consolidation is probably the safest move.
