The USD/JPY pair rose during the session on Monday, bouncing off of the obvious support level near the 101.25 level. With that, we believe that the market continues to go higher, probably targeting the 103 level given enough time. We also recognize that the 102 level will be a bit resistive, but ultimately it appears that the market is going to continue the larger consolidation area. With that, we are bullish and would be buying above the top of the range for the Monday session, expecting to go to the 103 level, and then possibly the 105 level given enough time.
