The USD/JPY pair rose during the bulk of the session on Monday, breaking above the 102.50 handle. We did give back a little bit towards the end of the day, but it does in fact look like the market is ready to make a surge higher and towards the 103 handle. A move above the 103 handle agents the market at the 104 level, and then ultimately the 105 level. We do not believe in selling, as there’s far too much in the way of noise below. On top of that, there is a massive uptrend line that is sitting just below current action as well.
