Recent Yen weakness due to a rising 10Y yield and increased expectation for a US hike in March off of comments out of the Fed has seen USDJPY move from the weekly bull entry target of WM2/ 112 up to the target of WM4/ 114. If you bought at 112 then you are trying to drive price up to MM4/ 115.50 though we are currently at the profit zone for the week and price is struggling to make a convincing higher high above 114. While we might see some Yen strength enter due to profit taking bulls are looking to MPP/ 113 for support. Due to price being at the weekly target day traders may have a counter trend opportunity to sell down to MPP/ 113 while swing traders might hold the trade turning their weekly swing trade into a monthly swing trade. We don’t have much US data today though the market will be looking to Yellen tomorrow to see if her rhetoric is inline with her colleagues recent hawkish comments.