The USD/JPY pair went back and forth during the session on Monday, and what would’ve been a fairly illiquid session. After all, the Americans and the British both were away for holiday, and that of course would have taken quite a bit of the big money out of the equation. With that, it appears of the market is still looking relatively bullish off of the bounce from the 101 handle though, and therefore we still feel that this market goes higher. Pullback should offer buying opportunities, and a break above the 102 level would be enough to start buying as well.
