Aside from the obvious source of triple top resistance, 118.50-119.00 is showing symmetrical price relationship AB=CD into the .786 retracement resistance in the 118.50 zone. If USD/JPY can clear 119.00 area, it should be smooth sailing towards the 121.40 high. The key here is once USD/JPY clears 119.00, just like EUR/USD's pending battle at 1.2600 - 1.2650. These two zones are sure to be loaded with lots of two-way price action which will make for a few head fakes before we finally see the real break. For now, let's watch to see how the price action develops as we approach these critical zones.

Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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