The USD/JPY pair fell during the course of the day on Monday, but found enough interest in buying at the 120 level to turn things back around and form a little bit of a hammer. This hammer of course is a bullish sign, and if we can break above the top of the hammer, we believe that this market will then reach towards the 122 handle. Any pullback from here should still see plenty of support all the way down to the 118.50 level. With this, we have no interest whatsoever in selling.
