The USD/JPY pair when higher during the session on Wednesday, as the Federal Reserve announced that it believed short-term interest rates would reach 1% by the end of next year. That is stronger and higher than originally anticipated, and as a result the US dollar got bid against most other currencies. This currency pair will be particularly interesting, as the Bank of Japan is currently trying to work against the value of the Yen anyway. We believe that this market is ready to break out to the upside, heading towards the 105 level.
