The USD/JPY pair had a slightly positive session during the day on Wednesday, but we remain a bit hesitant to throw a lot of money in this market right now. We believe the pullbacks should be buying opportunities though, and that’s what we will look for. On the other hand, if we could break above the 125 handle, the market would be free to go much higher. Between here and there, expect a lot of resistance, so having said that we are buyers on pullbacks but will have to be very patient at this point in time. The interest-rate differential should continue to spread between the United States and Japan. This of course should drive the pair higher given enough time.