The USD/JPY pair initially fell during the course of the day on Monday, but turned back around to form a hammer. The hammer of course is a very bullish sign, so it looks like we will continue to go higher, perhaps trying to reach towards the 114 handle. Pullbacks at this point in time should continue to see buyers below, and as a result we believe that the buyers will continue to run the market, and with that being the case I am very bullish of this market but also recognize that there is going to be a lot of choppiness.
