The USD/JPY pair initially broke out to the upside during the course of the day on Wednesday, but turned right back around to form a bit of a shooting star. However, as I record this pre-FOMC, the market could very well change. With that in mind, if we can break above the 106.50 level, I feel that this market will then probably reach towards the 108 handle. A break down below the bottom of the range from the Tuesday session could send this market towards the 105 level. Either way, it’s going to be volatile.