The USD/JPY pair went back and forth during the course of the session on Wednesday, essentially proving nothing. The one thing that we do notice though is the fact that the market didn’t break down after breaking out. That’s a sign that the buyers are serious, and could very well continue to push this market higher over the longer term, which is exactly what we anticipate seeing. Because of this, we believe the pullbacks are buying opportunities, and that the market should ultimately break above the 122 level, and then head to 125.
