In short-term outlook USDJPY corrects higher after wave 123.48 -> 120.32, potential reversal points are
- 121.20, current resistance from 08. Dec local highs;
-121.53, static line, 38.2% Fibo correction level and R1 combined;
- 121.66, projection from Sep-Nov highs.
Test and reversal in 121.53/66 area is more likely expectation. Close above mentioned area indicates further growth targeting 122.20.