The USD/JPY pair tried to rally during the course of the day on Monday, but got turned back around near the 119.50 region. Because of this, the market ended up forming a massive shooting star, which of course is very bearish. With this, we believe that the market isn’t quite ready to go higher yet, but we don’t like shorting as we are sitting just above significant support. Because of this, we believe that it’s probably best to simply leave this market alone at the moment as it looks a bit confused.
