The USD/JPY pair fell during the course of the day on Wednesday, testing the bottom of the hammer from the Tuesday session. Because of this, we feel that the market is probably going to grind in this general vicinity trying to pick up more upward momentum. We are looking for supportive candles in order to start buying again, and we definitely feel that the 103 level is the “floor” in this pair as the move above that level was in fact a significant breakout in our opinion. We have no interest in selling, and believe that ultimately this market will head to the 105 level.
