The USDJPY pair initially fell during the course of the session on Friday, but turned back around to form a bit of a neutral candle.

It now looks as if we are going to try to break above the 115 handle, but there so much in the way of resistance between here and the 115 handle, so it’s going to be difficult to get above there.

However, it looks as if there is a significant amount of bullish pressure so any time we pullback we feel the market should be bought for short-term moves.

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 (USDJPY), minus ETF fee. The fund seeks to reflect the price of the Japanese yen (USDJPY) with the shares representing a cost-effective investment relative to investing in the FOREX market.

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