The USDJPY pair fell during the session on Monday, but as you can see found enough support near the 180 level to turn things back around and form a little bit of a hammer.

Nonetheless, we have no interest in selling this market and believe it will go much higher given enough time.

We ultimately believe that we are testing the 120 level given enough time, and with that we are bullish and believe that the 115 level will be the “floor” in this market for the time being, but recognize regardless there’s no way to sell this pair.

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 (USDJPY), minus ETF fee. The fund seeks to reflect the price of the Japanese yen (USDJPY) with the shares representing a cost-effective investment relative to investing in the FOREX market.

Content curiosity of FOREXCycle