The USD/JPY pair fell during the session on Thursday, testing the 101.50 level. Looking at this market, you can see that the support level has been rather stiff below. So it makes sense that we could see a bounce from this general vicinity. Because of this, we are not ready to start selling until we break down below the 101 level. It is that area of that we believe would give way if the market really started to get bearish. In between now and then, we are still looking for supportive candles in this general vicinity to start buying and continue the consolidation that we’ve seen recently.
