The USD/JPY pair fell during the course of the day on Tuesday, testing the 110 level. We did bounce from there though, as the market is preparing to deal with the FOMC Meeting Minutes. With that being the case, we are waiting to see what that announcement says, and more importantly the reaction in this market before we place a trade. Having said all that though, the 110 level looks to be rather supportive, and because of that a bounce from here would not be that surprising. Although the US dollar may sell off in general, keep in mind that stocks going higher typically will work in favor of this pair.
