The USD/JPY pair did very little during the day on Wednesday, as we continue to hover just above the 120.50 level. That’s the area where significant noise begins all the way down to the 118.50 level. At this point in time, a supportive candle between here and there would be reason enough to start buying, and as a result we are simply on the sidelines and waiting for that buying opportunity going forward. We have no interest in selling until we get well below the 118.50 handle, something that we do not think is going to happen in the short-term.
