The USD/JPY pair fell during the day but found a little bit of support during the session in order to show that the 112 level has some bearing on the market. If we can break down below the bottom of the range for the day though, we feel that the market will grind its way down to the 110 level. Any rally at this point in time will more than likely have quite a bit of resistance above at the 115 level to deal with, so having said that we are sellers of breakdowns and of course exhaustive candles after short-term rallies.
