The USD/JPY pair fell significantly during the course of the session on Wednesday, but found the 105 level to be as supportive as we had anticipated. Because of this, the market bounced roughly 100 pips, and we believe that there is now a buying opportunity for the longer-term investor who is willing to ride out the volatility. With that, we are bullish and fully anticipate this market to head back towards the 110 level once all of the concerns and market fears subside that we have seen recently. A break below the 105 level is of course massively negative though.
