The USD/JPY pair rallied during the day on Wednesday, as we continue to try to build support below. Ultimately, I think if we can break above the highs from the session on Wednesday, the market should then go to the 110 handle. The 61.8% Fibonacci retracement level is near the 108 level, and so far, that seems to be holding. I think the market is entering consolidation more than anything else. Because of this, I believe that short-term charts should continue to go back and forth, and therefore short-term trading is probably about as good as it gets.
Written by FX Empire