The USD/JPY pair did almost nothing during the day on Wednesday, as traders took a breather after the massive bearish candle that had formed on Tuesday. Because of this, it’s likely that the market will need to grind for a while until we find the next trigger to go in one direction or the other. Currently, I would have to think that the selling pressure is probably more likely than not to come back, and that should send the market looking for the 61.8% Fibonacci retracement level at the 108 handle. Ultimately, it looks as if we are trying to decide.
Written by FX Empire