The USD/JPY pair initially tried to rally during the day on Monday, but then turn right back around to reach towards the 100 level. The 100 level of course has a large, psychologically significant amount of weight in this market, so having said that it’s likely that the Bank of Japan will get involved if we break down significantly below there. If we can break above the top of the range for the day on Monday, I would be willing to take a short-term buying positions, but I wouldn’t hang onto the trade for too long.
