The USD/JPY pair rose during the session on Monday, breaking the downtrend line that had been keeping the market lower since the beginning of July. That being the case, it appears that the market is ready to go higher, and we have been calling for a move above the 99 handle in order to start buying. Now that we have these criteria met, we are buyers of this pair and believe that we will eventually hit is high as 101.50 or so. Because of this, we went long during the session and will continue to hold until that target is achieved.
Written by FX Empire