The USD/JPY pair rose slightly during the course of the day on Monday, as we continue to find support somewhere closer to the 111 level. We could very well rally all the way to the 114.50 level, but it’s not going to be easy after this most recent impulsive move to the downside. Ultimately, we do think that the market is in some type of consolidation, but we also recognize that there seems to be more bearish pressure than bullish, so any rally at this point in time will probably fall apart with the first signs of trouble.
