On October 15 USDJPY there were an attempt of break below support at 118.30. The attempt was unsuccessful and ended with a candle with a long lower shadow. Since that moment began upward movement. Price break above few next resistance. At the end of last Friday session, the price came out to the highest levels since September and October this year. Monday brought falls and broke above resistance at 121.30 was a fakey. The nearest supports that can stop falls are at levels of 120.55, 120.30, 120.00, 119.60. If bears could break them all the next strong supports are at 119.15, 118.20. Currently falls should reach at least around 120.00 – 120.30, there is a basic fibo level 38.2%.
If the USDJPY will go back to the main trend which is an uptrend first target is Friday’s high of 121.48 the next targets for the bulls levels are 122.00, 123.00, 124.50, 125.20.