The USD/JPY pair fell after initially trying to rally during the day on Monday, ultimately settling on a very neutral candle. We feel that the US dollar will continue to strengthen over the longer time though, so at this point in time we look at pullbacks as potential value that we can buy. We have no interest in selling, but recognize that above the 124 level there is a significant amount of resistance all the way to the 125 level. We also recognize that the 122 level below should be a bit of a “floor” in this market.
