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USD/JPY could see major downside if 119.65 doesn't hold. It's probably holding the last bastion before another major USD sell off. I'm short the Nikkei 225 at 19727 so could be in for some major pain if the U/J rallies. However if it doesn't hold I expect a DAX type reaction to the euro rebound. RSI extremely overbought on Nikkei but given it's up 12% YTD and 30% over the year it's going to be a hard nut to crack. Personally found over the past week trading indices has been a good proxy for currency especially between DAX, SP500 and Nikkei and correspondingly the euro, dollar and yen movements.
