The USD/JPY pair fell rather significantly during the course of the session on Monday, testing the 115 level. By doing so, the market looks as if it is testing a very significant amount of support and if we can break down below their things could get rather ugly for this pair. Given enough time, the market would continue to fall apart and quite frankly we are bit nervous about the support in the uptrend. We need to see a daily supportive candle on the daily chart in order to start buying at this point in time.
