The USD/JPY pair initially fell during the course of the session on Monday, but found enough support at the 106 level to turn things around and form a nice-looking hammer. If we can break above the top of the hammer, that would be a very bullish sign and we could see the market reach towards the 108 level. If we can break above there, the market should go even higher. A break down below the bottom of the hammer would be a very negative sign, and that would be a sign that the market could reach towards the 105 level.
