The USD/JPY pair broke higher during the course of the day on Tuesday, clearing the 122 handle. We are broken out at this point, and we feel that this market then heads to the 125 handle over the course of the next several weeks. We believe that pullbacks continue to offer buying opportunities, and as a result have no interest whatsoever in selling this market. We also believe that the 121 level is now going to be the “floor” in this marketplace going forward. We have no interest in selling, because of interest-rate expectations out of the Federal Reserve.
