The USD/JPY pair fell slightly during the course of the session on Thursday, breaking below the 110 level. With this being the case, the market looks as if we are struggling a bit at this large number. However, the fact that we broke above there suggests that we are starting to see a fairly large shift in momentum to the upside. If we can break above the top of the range for the session on Thursday, it’s probably reason enough to think that the market is a Michigan go to the 112 level. At this point in time, we believe that there is support to be found at the 109 handle.