The EUR/JPY pair broke the top of the hammer that had formed on Friday during the session on Monday, signifying that the buyers have step back into this marketplace. Because of this, we feel that the market will more than likely try to head back towards the 138 level, and short-term traders will continue to buy this market. Because of this, the market looks as if we break above the 138 level, the market could then very well head towards the 140 level for the longer term. Right now, we are slightly bullish but recognize there will be a lot of choppiness.
