The USD/JPY pair tried to rally during the course of the day on Wednesday, but found far too much in the way of resistance above the 120 level. With that being the case, the market ended up pulling back and formed a shooting star. The shooting star courses negative, but there is plenty of support just below and therefore we feel that the market will eventually go higher. If we break above the top of the shooting star, we feel that the market then goes to the 122 handle. Ultimately, we have no interest in selling simply because of the Bank of Japan and its ultra-loose monetary policy.
