The USD/JPY pair initially tried to rally during the day on Tuesday, but just as we had done on Monday, the sellers came back into the marketplace later in the day and formed a less than stellar looking candle. Because of this, we believe that the USD/JPY pair will continue to fall, and it’s only a matter of time before the sellers returned after a short-term rally. In fact, we have no interest in buying this market until we get above the 119 level, something that does not look likely to happen at this moment.
