The USD/JPY pair broke higher during the course of the session on Tuesday, but as you can see the 105 level continues to be resistive. Because of this, I’m waiting to see whether or not we get an exhaustive candle that I can start selling, probably off of the short term charts. Ultimately, this is a market that looks as if it is consolidating, and as a result I think that a pullback is likely. On the other hand though, if we break above the 105 level I think that there is more than likely going to be a move to the 106 handle.
