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The USD/JPY pair rose during the session after initially falling on Thursday, in order to close above the 79 handle for the first time in several weeks. This is bullish, but we do see quite a bit of resistance all the way to the 80 handle, so we are not willing to go long just yet. In fact, if we get some type of resistant candle it would be a fairly reasonable sell signal.
This is a fight between two central banks that are currently trying to kill off their own currencies and as such a lot of back and forth can be expected. This market does tend to move with the yields on the ten-year bonds between the two countries. As US yields rise, so will this pair and vice versa. In order to trade this pair, you should be paying attention to the yields in the JGBs, as well as the American counterparts.