USD/JPY was fairly quiet on Monday as traders started to come back from the holidays. The pair fell, but only slightly so. The 77 handle has been broken to the downside, and the support is just now starting to show up. However, the pressure is most certainly to the downside, and we think selling rallies is probably all you can do at this point as the Friday session showed just how bearish this market still is.
Written by FX Empire