USDJPY TECHNICAL ANALYSIS

DAILY

There is a possibility of retest of monthly highs and even making higher highs around 127.327 resistance zone but change in the momentum on the monthly chart puts a lot of downward pressure.
On the daily, there is still for chance for another upward swing but a close below 122.735 support zone marked by Z may lead to selling up to around the 120.702 support zone marked by Y.