Last week we highlighted the divergence within the consolidation.
With the recent recovery in global equity markets, risk appetite rose and the safe-haven trades weren't as attractive anymore. The YEN was the greatest loser among currencies and it helped our trade unfold.
The upside target is very obvious. If price can make it past the 1.19 resistance, 1.20 is the max for long trades. The daily 100 MA, a Fibonacci retracement level and a major demand zone will make for a reasonable target. However, if equity markets can't keep up their recovery, exiting USD/JPY long trades is a must.