The USD/JPY pair initially fell during the course of the day on Wednesday, but as you can see found enough support to turn things back around and form a hammer. In fact, this is the second hammer in a row, so that of course shows how much bullish pressure there is below, and as a result we cannot sell this market. However, we recognize that there is a lot of resistance just above as well, so therefore we are simply waiting to see an impulsive break out to the upside, and above the shooting star.
