Technical Weekly Price Action Analysis - USDJPY is on bullish with 125.85 resistance level

W1 price is on primary bullish located above 200 period SMA and 100 period SMA:

• The price is on primary uptrend stopped by 125.85 resistance level on this weekly timeframe.
• “The market has been excited about USD/JPY and the potential for a sharp move higher after it broke out from a near 6-month consolidation late last month (us included). In hindsight it was clearly too excited. Sentiment towards the yen recently fell to just 5% bulls on the Daily Sentiment Index (DSI) which historically has been a pretty reliable gauge of too many participants liking the same trade.”
• "The bullish take of this action would be that it is some sort of backtest of the 6-month pattern breakout. If this is the case, spot could still trade down towards the December and March closing highs around 121.40 and remain structurally sound. We wouldn’t want to see the exchange rate fall too much below there, however, as that would raise some serious questions about the integrity of the May breakout."