The US dollar went back and forth against the Japanese yen during trading on Wednesday, as we continue to juggle around the ¥112 level. This is an area that has been difficult to crack, and at this point we have shown a little bit more of a proclivity to go higher but if we can break above the highs of the Wednesday session, we could go much higher. I think at this point there is a thick “layer of support” that extends down to the ¥111.50 level Keep in mind that this market continues to model risk appetite, which is all over the place right now. Quite frankly there’s a lack of volume and many other markets so I would assume that there is a lack of volume here. If we can break above the highs though, then we could go to the ¥113.50 level. To the downside, I believe there is support not only at the ¥111.50 level but also at the moving averages below there. for more analysis: http://www.dailyforex.com