USDJPY key resistance is at 105.80.

The USDJPY did something spectacular this month, we created a false breakdown of the 104.17 level which was the July lows. Usually a false breakdown will lead to a breakout. With that being said, the 61.8% Fibonacci retracement at the 105.81 level has held the pair like a rock, and the risk is building that we break that level and the downtrend line (red) that has held since the beginning of summer. If that is broken a move back to the 200dma near 107.50 would seem likely.