The USDJPY pair rose during the session on Tuesday, shooting straight up in the air.

The market still sits just below the most recent high, but it is so close the one has to think that sooner or later we will have this happen.

Pullbacks should offer buying opportunities, and the market certainly seems to have taken off to the upside with some form of significance now.

On a break above the recent highs, we feel this market tests the 105 level, and then possibly the 110 level above there, as we are still bullish of this market.

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.

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