The USD/JPY pair gapped lower at the open on Monday, but as you can see basically went nowhere. There was a little bit of a safe haven bid for the Yen, but ultimately the market settle down. Because of this, we believe that this market is going to be bullish over the longer term though, and as a result we are waiting for a move higher. In the meantime though, we expect a sideways move between 101 and the 103 level, and as a result this is going to be more of a short-term traders market in the meantime. Ultimately though, we believe that this market heads to the 105 level.