The USD/JPY pair fell through the floor on Monday and even managed to break below the 77 handle at one point. However, the support that we have seen several times over at that area reemerged and took control. This had the pair forming a hammer for the day, and shows just how hard it is going to be to close well below the 77 mark. Because of this, we like buying on dips, but only for short-term trades. If we manage to close below 76, that would make this a “no trading” pair. Until then, we are willing to collect a handful of pips everyday by going long this pair when it falls.
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