Japanese Yen Support Line at 121.00 (USDJPY Resistance)

The USDJPY continues to hold above the 10 and 20 day SMAs but the entire rally from 115.14 is suspect. The rally is overlapping and thus corrective. The pair could chop higher towards trendline resistance near 121.00.

Today?s high is just below the 78.6% of 122.17-115.14 at 120.67, which is another potential reversal point. The next big move is most likely a C wave decline below 115.14. A break of the support line drawn off of the 3/5, 3/28, and 4/19 lows would signal that the C wave is underway.