The USD/JPY pair went back and forth during the course the week, eventually forming a rather neutral looking candle. We have been stuck in a fairly tight range lately, and we didn’t break out of this week either. With this, we do believe in the uptrend now, but at this point in time don’t have a signal to start buying. We certainly wouldn’t sell though, as we believe the 120 level should essentially be the floor in this market. Eventually, will break above the 125 handle, and then go much higher.
