Huge pullback on the USD/JPY

The Dollar weakened versus its main counterparts after the FED announcement, but just as it fell, we also saw some big retracements on its main crosses. On the Dollar versus the Yen, we see that the pair initially fell below the round number level of the 120.00 and the 200 period exponential moving average on the 4 hour chart (blue line). The pair managed to make a low around the 119.29 level, but it goes back to the upside leaving a relatively long lower shadow, just to go back above the 120.00 level. From this point on we may see a continuation of the drop, but can also tell that the buyers have taken control of the situation. The 121.00 level could become a good resistance for the pair and a pullback all the way to that level could have the price bounce back down from there.