The USDJPY pair fell during the bulk of the session on Thursday, but found enough support right around the 102 level to turn things back around and form a hammer.

This hammer of course is a supportive sign, thereby making us one to start buying again on a break higher.

The 103 level is the next resistance area, and just as the 104 level is resistance above there.

We believe that the market will continue to go higher, but it could be choppy. As far selling is concerned, we have no interest as this market has shown so much support below.

Editor’s Note: Equity investors/traders can use the Currency Shares Japanese Yen Trust (FXY, quote) ETF to take positions in the yen without a FOREX account.  The ETF looks to track the price of the Japanese Yen, minus ETF fee. The fund seeks to reflect the price of the Japanese yen with the shares representing a cost-effective investment relative to investing in the FOREX market.

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