The USD/JPY pair initially tried to rally during the course of the day on Monday but turned back around to form a bit of a shooting star. However, we do have a significant amount of support just below based upon a longer-term uptrend line, and of course the psychologically significant number 110 just below as well. With this, it more than likely will find buyers somewhere in the general vicinity south of here, but at this point in time we don’t see any type of supportive candle to start buying from. On the other hand though, if we break above the top of the range for the session on Monday, we would be buyers.
