The USD/JPY pair initially fell during the session on Tuesday, but found enough support below to turn things back around and form a little bit of a hammer. Because of that, we feel that this market will go higher and on a move above the 107 level should test the 107.50 level, and then possibly the 110 handle given enough time. We have no interest whatsoever in selling this market and believe that the 105 level is the “floor” of the marketplace. Ultimately, we do think that the market goes much higher, and breaks towards the 115 level.
