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The USD/JPY pair fell during the session on Friday as the markets sold off risk in general. The pair looks very weak, but we have to keep in mind that the Bank of Japan is sitting below, and the 78 level will be a massive barrier of support going forward. Because of this, we think this pair simply cannot be sold at this point. In fact, we are looking at buying this pair, but only after we get a supportive candle between here and the aforementioned 78 handle.
The 80 level above will more than likely be targeted, and we expect to aim for it as well. A break above that level and the 80.60 mark will have us holding onto the trade for much longer moves, such as waiting to see 84.