The USD/JPY pair fell during the bulk of the session on Wednesday, but as you can see found enough support in order to turn things back around and bounce above the 102 level.

We believe that this market is going to continue to consolidate going forward, so quite frankly we really don’t have much of a separate now.

However, looking at the longer-term charts and possibilities, we still believe that this market eventually goes higher based upon central bank expectations been so divergent between the two countries.

With that, we are buyers on a break out above the 103 level.

Editor’s Note: Equity investors/traders can use the Currency Shares Japanese Yen Trust (FXY, quote) ETF to take positions in the yen without a FOREX account.  The ETF looks to track the price of the Japanese Yen, minus ETF fee. The fund seeks to reflect the price of the Japanese yen with the shares representing a cost-effective investment relative to investing in the FOREX market.

Content curiosity of FOREXCycle