The USDJPY pair tried to rally during the course of the day during Tuesday, but as you can see we pullback in order to form a shooting star.

That tells us that the market continues to grind sideways overall, but the 101 level is massively supportive, so if we did go down near that area we would be more than willing to buy a supportive candle on a short-term chart.

On the other hand, if we break above the 102 level, this market should head to the 103 level which is the larger consolidation areas high.

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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