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Monitoring the Pivot in USD/JPY

Last week, I leaned further and further towards the bullish outlook in USD/JPY. However, it is clear that the pair is still inside its consolidation area. Further more, price was rejected just above 121, showing that bears are still in control after the late August down swing. 

USD/JPY 4H Chart 9/27

(click to enlarge)

Simply, I think 120, a psychological level and central pivot of the current month-long consolidation, is a key level to monitor. If price can hold above 120 this week, the we might be seeing a shift from the bearish-neutral mode to a bullish-neutral mode, which should put pressure on the consolidation resistance area. 

A break below 120 however keeps the market bearish-neutral with pressure on the consolidation support.