As I expected, the NFP on Friday gave the final push to the USDJPY through a 6-year trend line, opening the way to a strong resistance area located between 121.50 and 122.00.
The first number is a well tested support or resistance during the last 20 years and around 122.00 we have the 61.8% retracement level of the bearish trip from 135.19 to 101.65 between the end of 2001 and beginning of 2005.
If this resistance area is surpassed, a full retracement back to 135 may follow, but I believe there are fairly good chances this resistance turn back the Yen to the strong side.
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