The USD/JPY pair initially tried to rally during the course of the session on Monday, but as you can see really kind of failed to pick up any type of momentum going higher. With that, the market would more than likely pullback from here, because this general vicinity is the top of the recent consolidation. However, we look at pullbacks as potential buying opportunities, and as a result we will not hesitate to buy supportive candles below. We have noticed whatsoever in selling this market until we get well below the 118.50 level, something that we do not anticipate seeing anytime soon.
