The USDJPY pair fell during the session on Monday, but as you can see really remains mired in a significant amount of consolidation.

With that, we don’t necessarily have a trade at this moment in time, but do recognize that the market is consolidating between the 101 level on the bottom, and the 103 level on the job.

With this, we are buyers closer to the 101 level, as long as we get some type of supportive candle.

We aren’t necessarily interested in selling at the moment, because we believe that the longer-term move will be to the upside.

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.

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