The USD/JPY pair initially tried to rally during the course of the session on Monday, but as you can see fell back down and formed a shooting star. Because of this, it appears that the market is ready to continue going lower, and as a result we believe that value will reenter this marketplace. Pulling back at this point time should get enough people interested in buying the US dollar eventually, and we certainly think about the 105 level is the “floor” in this market. With that being the case, we need to see a supportive candle in order to start going long.
