The USD/JPY pair broke higher during the course of the day on Wednesday, bouncing off of the 120 handle. However, we are still well within consolidation and of course are waiting on the FOMC’s Statement in order to figure out what the next move for the Federal Reserve is. After all, if they continue to raise interest rates, it should send this market higher. We believe pullbacks should be buying opportunities, as the market seems to be well supported just below. We have notched in selling as we believe the Bank of Japan will get involved in this pair falls too far.