The USD/JPY pair initially fell during the session on Wednesday, but found enough support below in order to turn things back around and form a hammer. This market is towards the bottom of the larger consolidation area, so we are interested in buying it. The fact that we formed a hammer of course suggests to us that we will bounce from here and head towards the 102 level, and possibly the 103 level which we see as the very top of the larger consolidation area. With their been so much support below the 101 level, and perhaps extend all the way to the 100 level, we have no interest in shorting at the moment.
