The USD/JPY pair went back and forth during the course of the day on Friday, essentially settling nothing. However, we have broken out above the 107.50 level, and as a result we believe that the market does in fact continue to go higher given enough time. We believe that the market will ultimately test the 110 level, but it will probably be fairly choppy getting up there. Nonetheless, we are not sellers and we would of course be buyers on pullbacks using short-term charts as entry points. We believe that eventually the 110 Level gives way and the market then heads to the 115 level given enough time.
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