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The EUR/JPY pair rose during the Wednesday session as buyers stepped in at the 97 handle. This isn’t a surprise, as there was a hammer back in the beginning of June at this very level, and this often signifies serious support. Also, it should be noted that we have sold off rather hard recently, in a bounce should have been expected sooner or later. We are still very bearish of this pair in general, but do recognize the fact that the market cannot move in one direction forever. Because of this, we think that this bounce that's coming should simply be an opportunity to sell this pair at a higher level. And this is exactly what we plan on doing going forward - sell this pair on signs of weakness. As for buying this market, we simply won't do it in till it prints a daily close above the 102 level.