The USD/JPY pair fell during the day on Wednesday, as the 118.50 level offered far too much in the way of resistance. That being the case, the market looks as if it should continue to go towards the lows again. We believe that short-term sellers are going to come back into this market to sell the US dollar, as there is a lot of risk aversion out there, and this pair of course is very sensitive to that. We have no interest in buying until we get above the 119 handle on a daily close.
