The USD/JPY pair fell during the bulk of the session on Monday, testing the 104 level yet again. However, the 104 level did offer enough support to keep the market above it, and thereby suggesting that the market is still going to continue to consolidate in general. Granted, we see a little bit more of a negative slant to the market at this point, but in reality we believe that the market will continue to go higher. On a break above the recent highs, we would be buyers and aiming for the 110 level, which of course is a longer-term goal.
Written by FX Empire