The USD/JPY pair went back and forth during a very volatile session on Monday as we continue to hover around the 120 level. Because of this, there’s not much to discern from the Monday session, other than volatility continues. We believe that the market should ultimately break out to the upside given enough time, but right now don’t see any clear signs one way or the other in the short-term. We believe that ultimately this market will test the 122 handle, but it might be best left alone in the meantime, at least until we get clarity.
