The USD/JPY pair fell during most of the session on Monday, but bounced and gave back about half of the losses. The resulting candle is a hammer, which shows the 101.50 level to be supportive again. Nonetheless, we are “long only” when it comes to this market, and as a result look at this candle as a potential buying opportunity. A break back above the 102 level gets us buying and aiming for the 103 level. Selling isn’t possible as far as we can tell, simply because there are far too many things going on below for us to be pressed.
