The USD/JPY is at levels not seen since 2007

The Dollar continues strengthening versus the Yen and today it has broken the 120.00 level to the upside for a moment. It then pulled back below the 120 level and it is currently stabilizing round that area. The USD/JPY had not visited the current levels since July, 2007. The different monetary policies that the United States Federal Reserve and the Bank of Japan are taking, might put more pressure on the Yen and we could see the pair break new highs. However, on the 4 hour chart we see a Doji formation with long shadows, this implies that the pair has been very volatile, but undecided. A possible long entry could be at the 119.00 level if we see a visit to that zone where a probable bounce to the upside could happen.