The USD/JPY pair initially tried to rally during the course of the session on Monday, but we turn right back around to form a bit of a shooting star. This suggests that we are going to go lower, and a break below the bottom of the range for the day would be reason enough to start selling as the market will more than likely try to reach down to the next large, round, psychologically significant level, the 105 handle. On the other hand, if we break above the top of the shooting star that would be a very bullish sign and we would more than likely try to reach towards the 110 handle next.
