This pair is now firmly Bullish both technically and fundamentally following the Fed rate hike and the current state of the Japanese economy.
On the weekly timeframe we are in a clear uptrend and the daily showed signs of that continuing by making a new higher high recently. We retraced back to the 50% fib level and have now broken back above the key 121.80 support/resistance area. I an now long looking for the first target back at the recent 123.75 highs followed by 125.00.
Longer term we could see new weekly highs up at 127.00 and 128.00