The USD/JPY pair initially fell during the session on Wednesday, but as you can see found enough support near the 101.50 level to turn things back around and go higher. This was partially helped by the ADP employment report, which suggests that perhaps the nonfarm payroll number today will be strong. However, this pair is very sensitive to the nonfarm payroll number so it’s likely that this market will be very difficult to trade. Pullbacks should be looked at as potential buying opportunities, as the market certainly looks like it’s got plenty of support just below.
