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The USD/JPY pair fell during the Monday session after initially trying to push higher. This shouldn't be much of a surprise, as it has surged so high in such a short amount of time. This could be the pullback that many of the bullish in this market have been waiting on as the move has been so sudden.
We still see the market as a "buy only" one, but think a pullback is needed in order to start buying again. The 78.50 level should be supportive, and we are looking for some type of supportive candle in that area from which to buy. Alternately, if we get above the 80 handle we think that the pair should take off as well and would be willing to buy at that point too.