The USD/JPY pair fell during the course of the session on Monday, slicing through the 120 level. Nonetheless, we continue to see a significant amount of support in this area, and as a result we feel that this market will ultimately go higher. However, we do not have the signal to place a trade at this moment, and we do believe that there’s only one direction you can go, and that’s long. We need some type of supportive candle, but we don’t have them quite yet. Nonetheless, we do believe that this market does ultimately go higher over the longer term.
