The USD/JPY pair broke higher during the course of the day on Wednesday, clearing the 121 handle. By doing so, looks like the markets ready to try to break out, but we need to practice a lot of patience as there is quite a bit of noise above. Quite frankly, we would prefer to see pullbacks that offer support on short-term charts in order to get involved, that way we can take advantage of perceived value. Ultimately though, we do believe that this pair goes higher and heads towards the 122 handle.
