I am much less convinced than I was last week that USD/JPY could now challenge the 15 year low around 80. I haven’t completely given up on the idea but the rebound in the US jobs numbers and the continued poor state of the Japanese economy have me questioning a bear strategy at these low levels for USD/JPY. Day trading this pair looks like the way to go until the picture becomes clearer and buying dips towards the 88.45 break-up point looks like the most logical trade. There aren’t many sell orders gathering until 91.25 so I won’t be selling rallies until we get closer to this level.