USD/JPY has had a relentless bid the last few months, even as some U.S. equities have slumped (which is not a 'normal' JPY correlation). The pair finally broke the 116.35 horizontal resistance that has capped the pair the last couple months. It has now cleared a trend line that has been in existence since 1990. Near term, the daily chart is overbought via the RSI. Now, traders will be looking for dips to the 117.00 and 117.65, which will be long with a possible resistance at the 119.65 and 120.00.
Chart Of The Day: USD/JPY
