Japanese Yen Decline Getting Tired (USDJPY Rally)

The USDJPY continues to hold above the 10 and 20 day SMAs but the structure of the rally from 120.00 is suspect. The rally is choppy and bulls face the risk of a pullback towards trendline support near 119.00.

Coming under this line increases the bearish potential. The 78.6% of 122.17-115.14 at 120.67 is resistance. The head and shoulders on the daily warns of a reversal.