The USD/JPY pair rose during the course of the day on Wednesday, as the market continues to grind its way back towards the 103 level. That being the case, the one of three level looks like it is the target, but it is a massive resistance barrier. It’s the top of a larger consolidation area, and as a result it’s hard for us to believe that the market is going to break above that level. Pullbacks at this point in time though should be buying opportunities, as we see a significant amount of support at not only the 102 level, but also the 101 level which is the bottom of the larger consolidation region.
