The USD/JPY pair initially tried to rally during the course of the session’s the made-up the previous week. However, we ended up turning back around and formed a shooting star by the time we closed. With this, it looks like the USD/JPY pair may end up being somewhat soft in the short-term, but we think there is more than enough support below to keep this market going higher. Somewhere above the 120 handle, we think that a supportive candle would be a nice buying opportunity as the market should then reach towards the 125 level.
