With USDJPY ,we need to answer a question: Does Stock rally if FED hike rate ?
Usually, when a hikes rate, equity market falls down cause of higher borrow cost,but if a rate hike decision helps to cool down a hot economy, everything will be different.
FED need to provide a clear path for next . After a rate hike , what next ?. More hike or that's it.
Before collecting enough clue, I think traders would not take risk to drive UDJPY higher the resistance at 123.75
However, I maintain view for USDJPY but must choose better level to entry.
Look at on the chart. SMA200 is at 121.50, this is also an old resistance now become a strong support. BUY there is appropriate for a LONG position.