The USD/JPY pair broke higher during the day here on Wednesday, but we still remain well within the consolidation area that we have been in recently, and as a result there isn’t much to do in this market unless you are a very short-term trader. Because of this, we will stand on the sidelines but we do recognize that a move above the 115 handle would be a very strong signal to start going long of this pair. As far shorting is concerned, we don’t really have an interest in doing so as the 112 level has been so supportive recently.
