The USD/JPY pair went back and forth during the course of the day on Wednesday, ultimately forming a hammer. We ended up closing with that hammer and it suggests that we may head back towards the 120 level. We believe that pullbacks are going to continue to be buying opportunities, as the 115 level below should be rather supportive. Ultimately, we think that we break above the 122 level, which of course will leave this market to much higher levels. Have no interest in selling as the Japanese yen continues to get weaker and weaker.
