I want to make another analysis on USDJPY based on this Daily chart. As shown head and shoulders were formed previously which indicated the bearishness of this pair. Neckline shown acted as support and held up to 4 tests of that level. The pair rallied to about 121.68ish which then hit a supply and collapsed around beginning of February. The price dropped over 2200 pips and today we can see that price has rallied back up almost to the same Neckline which acted as support. I now believe this support is going to turn into resistance. Need to watch how far the price is willing to travel before taking this short.
Comment:
One thing I also forgot to mention that the Gap @112.50 is now filled.