Potential Reversal Zone (PRZ)- 121.30
USD/JPY is consolidating between 119.60 and 120.75 for the past two trading session on account of FOMC meeting which is to be held on Sep 17th 2015.
Any further movement can happen above or below this level. On the lower side any break below confirms short term weakness a decline till 118.80/118.20 cannot be ruled out.
The pair's minor intraday resistance is around 120.75 and break above would extend gains till 121.30/121.70.
It is good to sell on rallies around 120.85-90 with SL around 121.40 for TP of 119.80/119.50