High volatility in USDJPY took place on 20-24 August where was a drop from 124.00 to 116.13. Currently it settled down and price for more than a week moves in a flat upward channel. Nearby intraday support is on 118.40 and resistance 122.00. After break one of them a further target is above-mentioned extreme.
Time-frame Monthly 1
USDJPY is moving in an upward trend. The level 125.80 which stops further upward movement is a major resistance. It already stopped trend in the years 2001, 2002 and 2007. There is a probability of correction because there wasn’t any since three years. If the last drop will be a beginning of the correction the minimum level of falls is 38.2% fibo (106.60 level).