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The USD/JPY pair rose during the Friday session as we slammed back into the 78 handle. However, that level continues to be resistive and the market could not hold that price. Nonetheless, we think that this market is starting to form a new consolidation area between the 77.50 and the 79.50 levels.
The market looks like it's ready to continue higher, and we certainly think that the Bank of Japan won't allow this pair to fall much farther. Because of this, we are willing to buying this market on shorter-term candles that shows signs of support.