The USD/JPY pair fell during the majority of the session on Tuesday, but found enough support near the 117.25 level to bounce slightly. Ultimately, this looks like a market that is ready to continue grinding sideways, so therefore we are not interested in trading it at the moment. However, we do believe that ultimately this pair is in an uptrend, and as a result we are buyers aiming for the 120 level. Pullbacks should continue to offer buying opportunities as well, but at this moment time we are perfectly content sitting on the sidelines as the market looks a bit tired.
