The USDJPY pair initially fell during the session on Wednesday, but as we have seen for the past couple of days, buyer stepped in and push the market back up.

With that being the case, it appears that we will ultimately breakout above the 102 level, and head towards the 103 level.

With that, it’s very likely that we will test the 103, and possibly even break above there eventually. That is our longer-term call, so we are buyers of support.

Selling is not possible until we break well below the 101 level, something that does not look very likely.

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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