The USD/JPY pair initially rallied during the session, but pulled back in order to form a shooting star. The shooting star of course suggests that the market is ready to continue to drop from here, and perhaps find more supportive action below. We still think that ultimately this market heads to the 103 level, which is the top of the larger consolidation area. If we can get above there, the market should continue to go much higher, heading to the 104 level, and then the 105 level. We believe that the 102 level is supportive.
