The USDJPY is sitting on the wall. The wall is defined by the 111.352 to 111.584 area. The price did extend just above that level to 111.62, but that's it. Like Humpty Dumpty, if the price does not get back above the highs soon, I get the felling that the USDJPY will "have a great fall" (or at least a fall, we will see how great it is) as buyers run out of patience for a true break and run. The price has been stepping higher since basing near a lower trend line today.
We lost Kenny Rogers "The Gambler" this week. You gotta "know when to hold em, know when to fold em" and USDJPY buyers today, may look to "fold em" soon.