The USD/JPY pair initially gapped higher at the open on Monday, but turned back around to fill the gap and test the 107 level for support. If we can break above the top of the range for the day though, we are buyers as the market should then head to the 110 level. If we can get above there, the market could go to the 115 level given enough time, we recognize that this could be a bit of a bouncy ride higher as this seems to be a market that is more long-term focused.
