USD/JPY initially rallied during the day on Monday, but then turned right back around to form a fairly negative candle. That of course gives us an opportunity to sell this market on short-term rallies as they appear. The market should then reach towards the 102 level, and then possibly even the 100 level and as a result I believe that short-term rallies will offer selling opportunities. It’s not until we get above the 105 level that I would consider buying this pair as it has been so negative for over the last several weeks.
