The USD/JPY pair initially fell during the first part of the Monday session, but as you can see spent the rest of the day bouncing in order to form a hammer. This hammer is situated at the 103 level, so we feel that the market is sending a signal that we are in fact going to continue going higher. With that in mind, we are buyers on a break of the top of the hammer, and more specifically on a break of the top of the shooting star from Friday. Once that happens, we feel that the 105 level will be targeted.
