The USD/JPY pair rose slightly during the course of the session on Monday, as we continue to meander below the 118.50 level. Ultimately though, a resistive candle between here and there is will we need in order to search selling. However, if we can break above there we would be willing to buy this market as it would be a significant sign of momentum shifting. The 115 level below is the “floor” in this market as far as we can see, and with that we believe are break down below there would be catastrophic.
