The USD/JPY pair initially fell during the course of the session on Tuesday, testing the 122 handle. With that, we bounced off of that area in order to form a bit of a hammer. The hammer of course is a bullish sign, so we can break above the top of the hammer, we would be buyers as clearing the 123 handle of course is a significant sign of momentum. We believe that the USD/JPY pair will eventually break out to the 125 handle. With that, the market looks as if it will eventually go higher, but ultimately we need to find buyers.
