It has been no secret lately that doing anything other than buying Japanese Yen crosses over the past few months has been tantamount to financial suicide. The USD/JPY in particular has surged from around 105 to its current almost-120 level since just mid-October with nary a pause for breath in its advance. However, as we approach the psychologically significant 120 level, there are some reasons that traders may want to look at this level with a certain amount of caution, and here are some of them: 1. Converging Fibonacci Extensions If we look back to mid-November, when the USD/JPY carved out a significant low and ... (full story)