USD/JPY rose during the session on Wednesday as the flight to safety actually pushed this pair in the opposite direction that we are used to seeing. It appears that traders are quite happy to sit on Dollars at this point in time, and the threat of Bank of Japan intervention makes shorting this pair a bit much to stomach at this point for many. However, the interventions that the Bank of Japan has taken upon itself to do have all failed as they were unilateral. Because of this, we think this pair will continue to fall over time. It will be a grind, and there will be days like this – but over time this seems to be the behavior of this pair. Until we close above 80, it is impossible to buy this pair though. Selling a rally is probably the best way to enter at this point.