The 61.8% target for the USDJPY was sufficiently tested after stops were triggered above the 120.00 level (the high actually came in at 120.12 on my system at least).
The 61.8% retracement target (from 1998 high) was tested at 120.149 (high came in at 120.12)
On the hourly chart (see chart below), the price was also testing a topside trend line.
So there was resistance from two fronts on the move to the highs.
The first verse for the USDJPY had resistance at 120.00 and then 120.149. The second verse of the song, is the same as the first. If the price is able to get above these levels, the tune will go up an octave.
If it stays below, what next?
On the downside, the support today comes in at 119.25 area (see chart below). If the price can stay below the 120.00 level, a rotation toward this level will be eyed.
USDJPY on the hourly tested the topside trend line at 120.10. Support now at 119.25.
