The USD/JPY pair broke higher during the course of the session on Tuesday, breaking above the 120 level. However, that area offered a bit too much in the way of resistance and we feel that a pullback is likely. This pullback should be a buying opportunity on a supportive candle though, as ultimately we feel this market goes much higher. We believe that there is a significant amount of support below at the 118.50 level, and as a result we are buyers of short-term supportive candles as we believe ultimately this market goes much higher.
