Outlook in USDJPY has turned to the upside, immediate support comes at the 119.75 levels, stability above this level will keep pushing upwards towards the 120.65 levels, a halt is likely and reversal may occur, however, a break would open 121.35 next, further upside, resistance comes at the 122.00 levels.
On the downside, support comes at the 119.75 levels, a cut through the 119.75 levels will bring a corrective pullback above the 118.38/118.80 levels before the next rise…
Conclusion: The USDJPY continues to face upside threats in short term above the 119.75 levels.
Note: Minor resistance comes at the 120.05 levels, sustained breakout above this level is needed to resume the upside offensive, otherwise; market’s failure remains an option !!!