USD/JPY technical analysis
A minor inverted head and shoulders patter on the USD/JPY chart is a positive sign. The neckline of the pair is at 122.63. The move targets another 30 pips to the upside where it will flirt with Tuesday's highs near 123.00.
The other technical sign pointing to more gains is the repeated testing and holding of 122.25. It was the low on Nov 16 then again on Wed and today it held a third time.
The flipside is that a triple bottom is sometimes a sign that buyers aren't interested enough to defend a double bottom. If 122.25 breaks, it could be a quick trip 100 pips lower.
