The USD/JPY pair fell during the course of the day on Monday, but found a bit of support at the 107 level. Once we got that support, we ended up bouncing enough to form a hammer. This market is very bullish in general, and as a result we are only buying this market, and have no chance whatsoever to sell it. We believe that the 105 level below is the “floor” in this marketplace, so we would love to see some type of pullback at this point in time in order to start going long again. However, we recognize that a break above the hammer from the Monday session night be a nice short-term buying opportunity as well.
