The USD/JPY pair had a negative session on Monday, falling down to the 102 handle. However, that area did hold and we suspect that there is a significant amount of support in the general vicinity. Even if we did managed to break down below it, we feel that at worst we are going to pull back and retest the ascending triangle that we have broken out of at the 100 level. We are simply going to wait for a supportive candle to start buying either near the 102 level, or the 100 level. We have absolutely no plans to sell this market under any conditions.
Written by FX Empire