The USD/JPY pair went back and forth during the course of the week but ultimately ended up settling on a very neutral candle. Because of this, the one thing that we can glean from this chart is that the 125 level is not quite ready to give up resistance yet. With this, we think that pullbacks are likely, but they should simply be momentum building exercises in order to finally break out and above the 125 handle. It is probably going to be as large firms come back from vacation.
