The USD/JPY pair gapped lower at the open on Monday, but turn right back around to fill that gap. Nonetheless, we see quite a bit of resistance all the way to the 110 level, and believe that the resistance barrier at that level also extends all the way to the 111 level. In other words, even though we see quite a bit of bullish pressure, we are not willing to buy until yet as a resistive candle appearing in this general vicinity would make a lot of sense, and more than likely just turn this market back around.
