The USD/JPY pair initially fell during the course of the session on Thursday, but found support below again to continue to consolidate in the same general vicinity that we have been in for the last two weeks. That being the case, the market should continue to go higher eventually, but in the meantime it looks a little bit stuck. We believe that the market goes to the 120 level given enough time, and as a result we believe that the market will eventually break out above the resistive 120 handle and head towards the 122 level.
