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The USD/JPY pair got a boost from the positive headlines out of Europe on Friday as traders sold the Yen in general. The USD/JPY pair is essentially a fight between the two central banks, and as the Japanese are certainly being much more aggressive on the easing side than the Americans, it makes sense that we see this pair rise over time.
The 80 handle is a natural place for this pair to bounce around. The 80.60 level needs to be broken to the upside in order to get overly bullish, and at that point we would be buying. As for selling – we don’t as we know the Bank of Japan is likely to get involved below here.