The USD/JPY pair fell during the session on Monday, testing the 118 level. As you can see though, we ended up bouncing slightly and it does look like the buyers are going to step into the advantage of value in the US dollar. With that, we like the idea of going long of this pair right now, and aiming for the 120 level. That area should continue to offer resistance, but ultimately we believe that this market will go as high as 122 in the short-term. Pullbacks continue to offer value as far as we can tell.