The USD/JPY pair initially went higher during the course of the session on Monday, and as you can see there really wasn’t much in the way of a range to trade. The market is simply sitting just above the 118 level, and as a result we think that the market is probably going to be fairly quiet for the next session or two. If we do pullback from here, we believe that the 115 level below is massively supportive and essentially the “floor” in this marketplace. With that, we are buyers only.
