The USD/JPY pair rose during the course of the day on Monday, as the 120 level continues offer a significant amount of support. We believe that this market ultimately will break out above the top of the recent consolidation area, but that’s not until we get above the 121.50 level. Once we do, this market will then head to the 125 handle. Pullbacks at this point in time should continue to be buying opportunities though, as we see a significant amount of support below and not only one 20 handle, but also the 118.50 level.
