USDJPY long-term uptrend was trapped in a zone between 116.25 and 121.66 for more than 5 months (5th of January till 25th of May). Then there was an upward break from this horizontal channel but it did not have enough energy in comparison with its long time range moving.
A retrace occurred so soon and the price came down to 50% level of fibo, tested twice. Intraday bias remains neutral and all levels are working perfectly now. If pair test 122.50 for the third time be successful to break it then it will have a very strong support on its way: around 121.70 Bullish move is more likely according to pair’s long time bullish trend but it will be suitable for such traders who are patient enough. Bullish trend may be confirmed after a strong breaking for level 125.85, then traders can expect a touch for 135.20 as well.