The USDJPY pair initially rallied during the course of the session on Friday, but turned around to form a bit of a shooting star.

The 105 level above is massively resistive, so having said that I feel that the market will continue to struggle to get above there, so with that being the case I think pullbacks will offer buying opportunities and of course momentum building opportunities.

I have no interest in selling, and as a result it’s likely that I will be sitting on the sidelines waiting for some type of supportive candle after a pullback.

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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