The USDJPY pair did very little during the session on Wednesday, as we continue to bounce around the 123 handle.

We ultimately believe that this market goes higher given enough time though, so we don’t have any real interest in shorting. However, there really is in a whole lot to get us excited about going long at this point either.

With that, we feel that the market will probably continue to bounce around in a sideways action, keeping us on the sidelines for the short-term at least.

Ultimately though, we think that the market will break back above the 125 handle.

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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