The USD/JPY pair initially fell during the course of the session on Monday, as buyers then stepped in to rally above towards the 120 level. That is the area that seems to be the beginning of significant resistance, so we feel that we are at the top of the overall consolidation. With that, we would buy pullbacks, or a move above the 121 level. Beyond that, we have no interest in selling this market as there is a pretty significant amount of support below, especially near the 118.50 level. Ultimately, we do feel that the market will break out to the upside for the longer term.
