The USD/JPY pair broke higher during the course of the session on Wednesday, slicing through the 120 level. That being the case, the market looks as if it is ready to continue going higher, but we are a bit overextended so there is the possibility that we get some type of pullback. That of course is a sign of value in the US dollar, as the market should now go to the 122 level. If we get above the 122 level, this would become more of a buy-and-hold type of marketplace going forward.
