The USD/JPY pair initially fell during the course of the day on Monday, but as you can see about enough support of the 102.50 level to turn things background and form a hammer. Because of this, we believe that the market will make another attempt at the 103 level in the short term, but whether or not we can get above there is probably a completely different story. That area is a significant amount of resistance, so we prefer taking short term long positions. At this point in time, we have no interest in selling this pair.
