USD/JPY rose slightly during the Wednesday session, but gave back all of those gains by the close. The pair is currently sitting at the bottom of a recent consolidation area, and the Bank of Japan is always a threat to intervene as we grind lower. Because of this, we don’t like selling at this level. The buying of this pair could be done – but preferably at lower levels as it would increase the odds that the BoJ would step in and help us out. At the moment however – we are very much flat of this market as it looks like it could go sideways for a while.