USD/JPY fell on Friday, but managed a bit of a bounce from the lows in order to form a nice hammer. This candlestick does look supportive, and we believe the area in general looks supportive at this point. The 78 to 78.75 level is an area that we are interesting in buying as the Bank of Japan looks set on defending the 78 handle.
The GBP/JPY pair had a positive but volatile session on Friday to continue to show the 124 level as supportive. We are interesting in going long this pair as well, as the Pound looks strong in general. However, getting over the 125 level would be a big help first.
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