The USD/JPY pair initially drifted lower during the course of the session on Wednesday, but bounced enough to form a bit of a hammer. The hammer of course is likely to be a sign of support, and a bounce could be coming given enough time. Ultimately, the 100 level below should continue to be supportive, as it is a large, round, psychologically significant number, and of course the Bank of Japan could very well get involved if they feel the need to have the value of the Japanese yen go lower going forward.
