The USD/JPY pair rose slightly during the day on Monday, as we continue to bounce around the 109 handle. With that being the case, looks like we are trying to build up enough momentum to finally break out to the upside, but is not until we get a daily close above the 110 level that were comfortable buying on that move. Pullbacks and show signs of support could be bought, but they will be taken on a case-by-case basis at this point. Keep in mind that the Bank of Japan could add more quantitative easing soon, and that would be bullish for this pair.
