USD/JPY hardly moved during the session on Monday, but with all of the headline risks out there, this was hardly a surprise. We still think the 78 handle is being defended by the Bank of Japan, and as such we think this market is still a "buy only" one if you are patient.
The EUR/USD pair fell slightly during the session on Monday as the "risk off" trade came back. However, we think this pair is going to hit 1.30 eventually. After that - we would be sellers as this pair has to come back down to reality. In the meantime - we see short-term buying opportunities in the pair.
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