The USD/JPY pair had a very volatile session on Tuesday, but ultimately showed the 103 level to be resistive. Because of this, we ended up forming a shooting star, which of course is a relatively negative sign. At the end of the day though, we are in consolidation, so it’s hard not to look at this as a simple pullback waiting to happen, and not much more. We would be buyers below on supportive candles, as we think the buyers should continue to step into the market as they have the entire year once the pair falls.
