USDJPY’s rise from 118.23 extended to as high as 119.95. Further rise to test 120.47 resistance is possible, a break of this level will signal resumption of the long term uptrend from 101.06 (Jul 10, 2014 low), then the following upward movement could bring price to 125.00 area. On the downside, as long as 120.47 resistance holds, the rise from 118.23 would possibly be correction of the downtrend from 120.47, another fall to 116.50 area to complete the downward movement is still possible.
