The USD/JPY pair went back and forth during the course of the session on Monday, as the market finds support near the 118 handle. With that, the market should continue to go higher given enough time, but we do not have the right set up at the moment. We believe that there is much more support below as well, so it’s only a matter of time before we get the buying opportunity and therefore are not paying attention to sell signals. If we can break higher than the top of the range for Monday, we would be buyers just as we would be buyers of supportive candles.
