From yesterday: “USD/JPY rose to 120.33 today as the dollar gained strength across the board. The pair capped its gains again ahead of 120.40 which now serves as a key intraday resistance level. A move above 120.40 would expose 120.77 or 121. However, the pair seems heavy and a drop below 119.80 would expose 119.30”.

USD/JPY stayed within range yesterday although price swings were more contained then the previous days. The pair rose to 119.76 overnight and slipped lower again to 119.45. A break below the support at 119.33 is needed to give strength to bears and push the pair towards 118.63. To the upside a break above the intraday high could give scope for more gains to 120.33.