The USDJPY pair went back and forth during the course of the session on Friday, ultimately settling on a neutral candle.

At the Queen a pullback from here, but at this point in time the 100 level continues to be the “line in the sand” as far as the market and possibly the Bank of Japan is concerned.

A supportive candle is reason enough to go long, so as a bounce off of the 100 handles far as I can see.

A break above the top of the candle during the session on Friday could also have me buying this market as well.

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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