The USD/JPY pair rallied during the course of the session on Monday, breaking above the 105 level at one point. Ultimately, the market looks as if we are ready to go higher though, and with that I think could very well reach to the 107 level given enough time. It is not going to be an easy move though, so at this point in time you have to be prepared to deal with a lot of volatility going forward. I believe that the 104 level below is massively supportive. Because of this, I am “long only” when it comes to this market.