The USD/JPY pair initially fell during the session on Wednesday, but as we have seen for the past couple of days, buyer stepped in and push the market back up. With that being the case, it appears that we will ultimately breakout above the 102 level, and head towards the 103 level. With that, it’s very likely that we will test the 103, and possibly even break above there eventually. That is our longer-term call, so we are buyers of support. Selling is not possible until we break well below the 101 level, something that does not look very likely.
