The USD/JPY pair bounced back and forth during the day on Monday, as the 120 level continues to offer a bit of support psychologically. Quite frankly, the market looks as if there is support all the way down to the 118.50 level, and as a result we are simply waiting to find some type of supportive candle in order to start buying again. We have no interest whatsoever in selling, at least not until we get down below the 118.50 handle on a daily candle. With this being the case, the market should then eventually find itself reaching towards the 123.50 level.
