The USDJPY has chopped lower from yesterdays high at 120.28 in quiet trading. Resistance is at the 78.6% of 122.17-115.14 at 120.67. A potential resistance line drawn off of the 3/12 and 4/16 highs is near 120.50.
Bigger picture, the entire rally from 115.14 takes on a wedge shape, which is a bearish pattern. We are looking for the USDJPY to chop higher to 120.50/67 - after which reward/risk will favor shorts.