The USD/JPY pair initially fell during the session on Monday, but found enough support just above the 101 level to turn things back around and form a hammer. This hammer of course is a bullish sign, but we are still shopping around back and forth between 101 and 103. With that, we don’t feel that this market is one that you can hang onto a trade for any real length of time, but a break of the top of this hammer probably send this market looking for roughly 102 or so. Shorting is going to be almost impossible, as the 101 level of support extends all the way down to the 100 level.
