The USD/JPY pair rose during the course of the session on Thursday as we head back towards the 120 level. With that, we believe that a move back above the 120 level is a signal to start buying again. We do believe that this pair eventually goes much higher, and as a result it’s difficult to imagine selling this pair in general. We believe that the longer-term uptrend will continue, as we should then head to the 125 handle. We believe the pullbacks represent value in the US dollar, and should be taken advantage of.