The USD/JPY pair beat 120.50 as we edge closer to strong resistance at 120.85/90 today. Try shorts expecting a high for the day, with stops at 121.10. An unexpected and sustained break above 121.15 is much more positive for today, however, a close above 120.90 would be the first time for September. Be ready to buy a break above 121.15 to target last week's high at 121.32. If we continue higher look for two week highs at 121.74. Just be aware of strong Fibonacci resistance and two weeks highs at 121.91/122.01.
Failure to hold above 120.50 keeps the pressure on for minor support at 120.05/00. This held the downside perfectly yesterday, but below here today meets better support again at 119.85/80. Buy here, stop 119.60. T1 at 120.10, T2 at 120.35. Be ready to sell a break below 119.60 to target 119.50, then 119.40/35 for profit taking. Further losses today meets support at 119.10 for profit taking on any remaining shorts.