The USDJPY pair broke higher during the course of the session on Tuesday, testing the 120 level.

With that being the case, the market should continue to go higher and towards the 121 handle given enough time.

Pullbacks on short-term charts will more than likely be the buying offer opportunities that we take advantage of, as we believe the market is simply trying to continue consolidating as it has been since the middle of August.

With that being the case, we are bullish and have no interest whatsoever in selling this market at this point in time as there seems to be quite a bit of support below.

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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