The USD/JPY pair broke higher during the course of the day on Monday, but as you can see still continues to struggle near the 125 handle. With this, we feel that the market will continue to pull back looking for support. Eventually we should get enough support to break out and above the 125 handle, but at this point in time, we are not quite ready. We believe that this market is probably best left alone at the moment, as the buyers still have to build up enough strength to make a difference at this point.
