Japanese Yen Breaks 120.00

The USDJPY looks top heavy at current levels as evidenced by RSI bearish divergence on the hourly. Still, the resistance is not until the 78.6% of 122.17-115.14 at 120.67.

With the rally from 117.60 in 5 waves, a correction is due towards the former 4th wave, which intersects with Fibonacci support at the 38.2% and 50% of 117.60-120.23 at 118.91/119.22.