Fresh lows in the day in USD/JPY, now down 61 pips to 120.89.

The pair was higher in early Asia-Pacific trading, hitting 121.85 — a fresh 7 year high — but it’s well into overbought territory with the daily, weekly and monthly RSI readings above 80.

USDJPY

USDJPY two-day

USD/JPY has fallen below the 61.8% retracement of the post-NFP rally and that could spell a decline all the way to 120.50.