The USD/JPY pair fell during the bulk of the session on Wednesday, but found enough support below the 102.50 level to push the market higher, and form a hammer. This hammer of course is very supportive looking, and as a result we believe that a break above the highs from the past two sessions should send this market looking for the 103 level next. Above there, we had to the 104 level, and then ultimately the 105 level given enough time. We are still bullish, and will continue to be so until we break down below the 101 handle.
