The USDJPY pair fell during the course of the session on Thursday, as we continue to grind our way down to the 120 handle.

Because of this, we feel it’s only a matter of time before the buyers come back into this marketplace as we see support extending all the way down to the 118.50 level.

With that kind of support below, it’s hard to start shorting this market, so we are simply waiting for supportive candles so we can start buying yet again. In the meantime, we will have to wait for the proper signal.

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 (USDJPY), minus ETF fee. The fund seeks to reflect the price of the Japanese yen (USDJPY) with the shares representing a cost-effective investment relative to investing in the FOREX market.

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