The USD/JPY pair did very little during the course of the session on Wednesday, as we continue to hang out above the 120 level. With that being the case, we feel it’s only a matter time before he break out, and the pullback should represent value at this point in time. We have no interest in shorting this market as we believe that the US dollar continues to be the strongest currency in the Forex markets overall, and that the Bank of Japan is so negative as far as monetary policy is concerned.
