The USD/JPY pair tried to rally during the course of the day on Monday, but turned back around in order to form a bit of a shooting star. This was much like the stock markets in the United States, which this pair tends to follow. Initially, you saw a bit of a rally but then the sellers step back into the marketplace and pushed lower. The fact that we formed a shooting star suggests that we are in fact going to break down from here, probably reaching towards the 116 level again.
