USD/JPY: headed to 120?

Currently, USD/JPY is trading at 117.98, up 0.71% on the day, having posted a daily high at 118.68 and low at 116.95.

USD/JPY: Bullish bias, likely to reach 120.00 - BTMU

USD/JPY has made tracks on the upside after yesterday's hawkishness from the Fed and 120.00 is in sight. 120 is not out of the question as we enter holiday season and thinner liquidity where moves can be larger than normal markets allow for. US dollar index hits 14-year high in the Fed aftermath

However, there are two sides to that coin and indeed positions in the greenback could be squared off and profits cashed in - albeit it is also a time of year where repatriation of overseas earnings are supportive to the greenback. Nevertheless, there is a widening of the BoJ and Fed divergence, but the BoJ may be reluctant to alter any monetary policy at next week's meeting, especially given the December Tankan survey that showed positive business sentiment.

Buy dollars - Scotiabank

USD/JPY levels

"Spot is presently trading at 117.98, and next resistance can be seen at 118.11 (Daily Classic R1), 118.63 (Weekly Classic R3), 118.68 (Daily High), 119.08 (Daily Classic R2) and 120.75 (Daily Classic R3). Support below can be found at 117.65 (Hourly 20 EMA), 117.41 (Yesterday's High), 117.14 (Monthly High), 117.14 (Weekly High) and 117.14 (Daily Open)."