USDJPY is captured between two ranges: - Range 120 - 119.70 - The wedge pattern The main reason why USDJPY cann't rally while other pairs go up is that: - Investors still sell stock and hesitate in buying it. The fear that FED would hike rate leading to higher borrowed cost make investors worry to continue buy equity. However, I don't think higher borrowed cost is a big problem. If FED hike rate by 1% : That is a big deal, but 25bp is not a big deal. As US economy still perform very well , and buy stock is a good choice. Hence, I think USDJPY quickly backs to the uptrend.