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The USD/JPY pair had a bullish session on Monday, as the Yen sold off in general. The 78.75 level gave way, and as such we think that this pair will continue to rise over time. We have been waiting for this breakout, and we think at this point in time that the buyers are starting to take control. We suspect that this market will run to the 80 handle before it's all said and done, and as such are willing to not only go long but are willing to hold until we reach that level.
If we do manage to slip below the 78 handle, we think that the Bank of Japan will get actively involved in this pair and continue to push higher via intervention. With that possibility out there, you certainly can't sell this pair right now.