The USD/JPY pair fell during the course of the session on Thursday, as we continue to see quite a bit of concern about global markets. Remember, the Japanese yen tends to be a bit of a safety currency, and as a result it looks as if we will continue to see bearish pressure. Short-term rallies that show signs of exhaustion should be thought of as short-term selling opportunities, but that’s about it. There is a lot of volatility waiting to happen, so having said that we think it will all be short-term trades.
