The USD/JPY pair went back and forth during the day in a very volatile session as the GDP numbers missed, and the Federal Reserve statement was less dovish than anticipated. With that, the market continues to meander around the 119 level, and we believe that although the longer-term trend is bullish, the market should continue to be very volatile and might be best left alone. We would buy on a break of the top of the session, as it would show a momentum building up for the buyers. We don’t have any interest in selling, we feel that there is significant support just below.
