The USD/JPY pair broke down significantly during the course of the day on Wednesday, finally cracking the bottom of the recent consolidation area that has been intact for a couple of months now. However, we think there is more than enough support below to eventually bring in enough buying interest to turn the market back around. With this being the case, we are simply waiting to see if we get a supportive candle which appears on the daily chart in order to start going long. However, we suspect it might take a couple of sessions to get there.
