The USD/JPY pair initially fell during the day on Monday, but found enough support below the 118.50 level to form a bit of a hammer. The hammer of course is a very bullish sign, and a break above the top of that hammer for the day would be reason enough for us to start buying again. Keep in mind that this pair is highly sensitive to risk appetite, so if stock markets rally from here it’s very likely that the market will continue to go much higher. We have no interest whatsoever in selling this market.
