The USD/JPY pair initially fell during the course of the session on Monday but found enough support near the 120.50 level to turn things back around and form a nice-looking hammer. The hammer of course should signify that the buyers are coming in and pushing this market higher given enough time. If we can break above the 121.50 level, we feel that this market will then reach towards the 125 handle. With no interest in selling as there seems to be more than enough support below current pricing, not to mention the hammer that just formed.
