The USD/JPY pair initially fell during the day on Tuesday, but found enough support to turn things back around and form a nice-looking hammer. This is the second hammer in a row on the daily chart, so we feel that the market is ready to go higher soon. With that, we are more bullish than previously, and we feel that the market is heading to the 105 level. Getting above there of course has the market heading to the 110 level given enough time, and pullbacks at this point should continue to attract buyers.
