The EUR/JPY pair broke higher during the course of the session on Wednesday, using the 135 level as a springboard. We believe ultimately that this market will continue to consolidate in general, so we think that the market probably won’t get above the 137.50 level. With this, we are short-term traders with a slightly bullish attitude, but quite frankly think that there are going to be easier ways to trade the Euro and the Yen in general. If we can get above the 137.50 level, we feel that this market will then reach towards the 140 handle given enough time.
