The USD/JPY pair fell off of a cliff during the session on Monday, slicing back below the 125 handle. By doing so, it formed a very ugly candle and it appears that we are now going to test the area we are in for support. If it holds, we would be buyers as the market should then continue going much higher. However, if we break down below the 123.80 level that would in fact be very bearish. At this point time though, we do think that the buyers will come back into the market.
