The US dollar fell against the Japanese yen during the trading session on Tuesday, breaking through the 105 support level at one point during the day. However, we turned around to bounce and form a somewhat supportive looking market, so it’s very possible that the buyers may reenter. This will be especially true after the FOMC Statement, because we may get something to move the markets out of that meeting. On top of that, the Bank of Japan will work against the value of the Yen given enough time, so quite frankly I think it’s only a matter of time before the buyers return. We would need a sustained move above 105 for me to be comfortable buying though.
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