The USD/JPY pair broke higher during the course of the day on Tuesday, as we continue to find buyers below. With this, we feel that this market should continue to grind its way towards the 124 level, and with the FOMC Statement coming out today, we could have the volatility to push this market higher. We believe the pullbacks are buying opportunities as the 120 level should essentially be the “floor” below. We have no interest in selling this marketplace, and believe eventually we will break above the 125 level, which could be facilitated by a hawkish statement.
