Over the past year this pair has been forming a very defined triangle. The levels of 121 and 122 are very relavant and will likely be triggered many more times in Q1 of 2016. However, as the FED in the US have begun tightening their monetary policy
and the BOJ has continued their loose money agenda, we can expect the long term upward trend to continue for the USDJPY
. Most likely it will break the upper resistance line and start forging new highs in Q2 or Q3.