It looks like today will mark a turnaround of over 300 pips in 4 straight days of gains for USDJPY
123.55/60 marks near resistance right now and the buck isn't willing to take it on fully just yet. Above there is further resistance at 123.75/80
USDJPY daily chart
The area around 123.25/30 marks near term support, as does 123.00, 122.85/90 and 122.70/75
USDJPY 15m chart
Despite the bullish look of the charts it really only puts us back into the range we were in before the last few Greek risky weekends. Until we start breaking the some of those levels that thwarted us before then, I'm still not going to get carried away with these moves
What we do need to factor in is the usual market excitement of expecting a hawkish Yellen. She's up this week in her bi-annual testimony to the big suits in US politics and no doubt the bulls will be putting their nuts on the line in hoping that "this time it will be different" and she'll give them the ammo to take the price higher. Based on her last couple of outings there could be disappointment once again