The USD/JPY pair rose during the course of the day on Wednesday, showing strength yet again. The hammer that informed on Tuesday hinted that we could see a little bit of buying pressure, and that’s exactly what we got. However, the market hasn’t exactly busted out from the consolidation area that we have been in, and it is most certainly overbought at this point. Short-term traders will continue to buy this market every time it dips, but quite frankly we don’t have a buying opportunity on the daily chart quite yet. We believe that the 110 level is the next target though, so certainly selling can’t be done.
