USDJPY is trading back at a key level of support and this could create an attractive buying opportunity this week, according to Faraday Research's Thomas Light. 

USDJPY is trading just above 116 this Monday and he shows via the weekly candle chart how significant that support zone has been. The market has rallied from this level on multiple occasions during the last 18months and we expect it to attract buyers once again, he says. 

Zooming into the daily candle chart he notices how USDJPY rallied hard at the end of January following the Bank of Japan's decision to go negative on interest rates. And this policy divergence between the Fed and the BoJ has created a very bullish fundamental backdrop to this pair, says Light. 

Last week's sell off has taken prices back down into the support zone and Friday’s price action formed a doji candle following the US non-farm payrolls. 

So Thomas is placing a limit order to buy USDJPY at 117.00 with a stop below the support zone at 115.86 with an initial profit target coming in at the 119.00 level.