The USD/JPY pair rose during the day on Monday, as we continue to consolidate in the area that we have been stuck in for a couple of weeks now. Ultimately though, we believe that the nonfarm numbers coming out on Friday will probably be the catalyst to finally move this market in one direction or the other. We do favor the upside overall, so therefore we are looking at short-term pullbacks as short-term buying opportunities. We will reach towards 125 if we get a decent jobs number on Friday, but between now and then it’s probably going to be difficult to do so.
