The 119.66 is the next target
It looks like the USDJPY will not get the close above the 200 day MA at the 120.80 area. The price move above it and stayed above it for most of the NY trading session - until the Fed decision that is.
The pair has now pushed below lower band at the 120.40 level that seen swing lows and highs going back to Dec 2015 (see yellow area in the chart below. This will now be a eyed as close resistance. The next downside target will look toward the 120.00 level (the 61.8% of the move up this week). and then the 119.66 which is the trend line connecting recent lows on the daily chart (see daily chart above). THe 119.53-63 ares was recent lows and highs as well and should make for tough support on a dip toward that area going forward.
Watching the 120.40 area now..... Will selllers keep a lid on it?
