The USD/JPY pair initially tried to rally during the course of the session here on Wednesday, but found the area near 115 to be far too resistive. We ended up continuing the downtrend, and have now broken well below the 114 level. This market looks like it’s free to go down to the 110 level, and as a result we do continue to sell this pair as the financial markets around the world continue to struggle with risk aversion. We have no interest in buying at this point in time, and believe that it might be a while before we can.
