The push through the December cycle high at 121.86 sets a far more bullish toe into March.
Resilient consolidation through midweek above chart/ retrace support at 120.85/72 and below chart/ trend line support at 120.61/58 and 121.50 leave a bull theme into this week.
Short-term Outlook - Upside Risks: We see a challenge to a key long term retracement at 122.45.
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2 Hour USDJPY Chart