We know it will be a tough nut to crack
The USDJPY has moved up to test the 200 day MA (for the second time today at 120.95) and traders are leaning against the level once again. We knew it would be a tough nut to crack. Going back to the end of August, the pair has peaked above this key moving average on 5 separate occasions, and each time the price peak has failed (see green line in the daily chart below).