The USD/JPY pair initially fell during the course of the day on Monday, but found support yet again in order to continue consolidating going forward. That being the case, we feel that the market is essentially one that can be bought on dips, but eventually we will break out to the upside in our opinion. Ultimately, the market should go to the 120 level, and then eventually head to the 122 handle. Ultimately, we believe that we break out above there, and will continue a longer-term trend uptrend going forward allowing us to hang onto the trade eventually.
