USD/JPY is currently trading with a Bullish bias. The pair bounced off from a very significant key level 120.56, and is currently headed long. We expect the upward movement in USD/JPY to continue probably up to above 121.69. Any clear movements above this level will signal further movements to the upper side. This upward movement is supported by the fact that, other positively correlated pairs such as SGD/JPY and GBP/JPY are currently headed long. As long as the other positively correlated pairs remain bullish, we will remain long in USD/JPY.
Remain long but, If you haven't bought the pair already, wait and buy above 121.46, but with stops 121.70, and the next stop at the resistive trend line.