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EUR/JPY pair rose during the Friday session, to bounce from the 96.50 level. However, this candle looks relatively weak, and of course didn't recapture most of the losses on Thursday. With this in mind, we still feel that this market is a "sell only market" and that we will not buy and under present market conditions. We feel that any bounce from this area should offer better positions from which to sell again, especially around the 98, 99, and of course the 100 handles.
The 98 handle looks very resistive at this point in time, and of course if we see some type of failure of strength will signal that this pair continues to fall down to the 95 handle. If 95 gives way, we feel this pair could go much, much further.