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The USD/JPY pair had a string session on Friday as it both fell, and then bounced to new highs for the week. The Indian candle was relatively neutral, but did have a green body. The most important and obvious fact about this pair right now is that the 78 handle is rather supportive. It should be noted that this area did give a lift to the pair, and then the Yen sold off against most other currencies.
We feel that the Bank of Japan is sitting below this level, and as such are more than willing to go long at this point. We see no way to sell this market, as the central bank will get involved if the pair falls too far.