The USD/JPY pair gapped higher at the open on Monday, but turned around and found support at the 103 level before bouncing even higher. The market ended up forming a hammer for the session, and as a result we think that this pair continues to climb higher. After all, this is a longer-term uptrend starting to form in our opinion, and therefore this jibes well with what we anticipate happening. 105 should be the next target for the market, and any pullback at this point time should simply offer a buying opportunity.
Written by FX Empire