The USD/JPY pair rose during the session on Monday, breaking above the 103 level at one point during the session. However, you can see that we pullback slightly, but we still have a nice solid looking candle in this pair that suggests to us that we are in fact going to continue to be bullish. We believe in the long-term validity of the bullish attitude of this market, and therefore we look at pullbacks as the potential buying opportunities to add to our position. That being the case, we will not short this pair continue to think that we will hit the 105 level before too far into the future.
Written by FX Empire