The USD/JPY pair went back and forth during the course of the session on Monday, essentially settling nothing. With that, we believe that the market ultimately is bullish, but at the end of the day we don’t really have much in the way of interest in putting money to work at the moment. A little bit of a pullback might be a nice buying opportunity, on signs of support of course. Ultimately, this market needs to break above the 125 level in order to start a longer-term move higher, which we do anticipate seeing given enough time.
