The USD/JPY pair broke higher during the course of the session on Monday, as the buyers step back in. However, we believe that this is a market you can’t short anyway, so quite frankly we believe in buying only. If we can break above the 120 level, we feel that the market should then go to the 122 handle given enough time. Above there, the market should then head to the 125 handle over the longer term. Regardless, we have no interest in selling and any time we pullback we look at it as value in the US dollar.