The USD/JPY pair broke higher during the course of the day on Wednesday, clearing the top of the shooting star from the Tuesday session. This is a very positive sign, and means that we will more than likely try to reach towards the 110 level. The 110 level is the beginning of significant resistance though, so we are bit hesitant to get involved at this point. It is not until we clear the 111 level that we feel buying is “safer.” At this point in time, we are on the sidelines as it continues to be a bit dangerous at this point.
