The USDJPY pair rose during the session on Monday, bouncing off of the obvious support level near the 101.25 level.

With that, we believe that the market continues to go higher, probably targeting the 103 level given enough time.

We also recognize that the 102 level will be a bit resistive, but ultimately it appears that the market is going to continue the larger consolidation area.

With that, we are bullish and would be buying above the top of the range for the Monday session, expecting to go to the 103 level, and then possibly the 105 level given enough time.

Editor’s Note: Equity investors/traders can use the Currency Shares Japanese Yen Trust (FXY, quote) ETF to take positions in the yen without a FOREX account.  The ETF looks to track the price of the Japanese Yen, minus ETF fee. The fund seeks to reflect the price of the Japanese yen with the shares representing a cost-effective investment relative to investing in the FOREX market.

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