The USD/JPY pair initially fell during the course of the session on Monday, but turned back around to form a hammer. With that being the case, the market looks as if it is ready to bounce again, and as a result we believe that the market will try to reach towards the 122 handle again. Having said that though, the market is going to have to deal with a lot of volatility on the way higher, but we don’t see how this market doesn’t go higher based upon the fact that the 118.50 level has been so resilient for support.
