The USD/JPY pair rose during the course of the session on Wednesday, as we continue to reach towards the 110 level. The 110 level was previously massively supportive, so it should be massively resistive now. With this, if we find a resistive candle somewhere near the 110 level, it’s likely that the sellers will come in and take control of this market, pushing it lower. With that being the case, it still looks very bearish and therefore only the shortest of short-term traders should be looking to buy this market right now. In fact, we are not buying until it breaks above the 111 level.
