The USD/JPY pair went back and forth during the course of the session on Friday, as we continue to struggle to go higher. However, given enough time we should break out above the 125 level and continue to go much higher given enough time. If we pullback from here, we are looking for supportive candle in order to go long as the US dollar should be favored over the Japanese yen due to interest-rate differential, and of course the “risk on” aspect of the trade going higher. We believe that the uptrend line below continues to support this market.
