The USD/JPY pair rallied during the session on Monday, but as you can see failed to hang onto the gains in order to form a fairly neutral looking candle. We believe that the 97.50 area is in fact a pretty significant area in general, and as a result we think that this market will continue to be a bit sideways with perhaps a slightly negative bias. That being the case, we are not ready to place a trade yet, but do recognize that a move above the 98 handle would in fact be very bullish.
Written by FX Empire