The USD/JPY pair did very little during the session on Thursday, hovering just below the 102.50 handle.

The market looks as if it is trying to break out, but we are just below a significant amount of resistance, so we need to get an impulsive candle above the 103 handle in order to feel comfortable buying.

At the end of the day though, we believe that pullbacks should continue to offer buying opportunities and we would in fact buy a pullback that shows any signs of support.

Going forward, we believe that we are heading to the 103 level, and then the 105 level.

Content curiosity of FOREXCycle

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.