The USD/JPY pair tried to break out to the upside during the session on Wednesday, but fell far enough to form a little bit of a shooting star. Ultimately though, the market looks like it’s ready to grind sideways and therefore we are on the sidelines. All things point to a higher value in this pair, but ultimately the 120 level is a significant barrier. Pulling back should offer value, but at this point time we are not pressed to get involved as the market simply looks like it’s ready to do nothing in the short-term.
