USDJPY has put in an impressive run from 116.00 but finds an old level still putting up a fight
118.80 has been a big level for the pair over the last year or so and so far it's put an end to the rally from 116.00
USDJPY 30m chart
The high has been 118.86 and we've tried a couple of times to break it. Support had built at another strong-ish level at 118.35 after it broke as resistance. That's now gone as the buyers say enough is enough, after the latest 118.80 failure, and we're back down below. We're already seeing 118.35/40 resisting so look for a test down to 118.00, unless we get back above
It's the beginning of the week but already the battle lines are being drawn
