The best information to transmit in regards to USD/JPY is its massively oversold, short, long, intraday, historic and any other terms to view. But like CAD and other USD pairs, the upside contains hurdles.
Two points hold USD/JPY from upper targets at 113.72, those points are 111.39 and 111.51.
The bottom is contained at 109.25 and 108.76. Most vital is 108.76 because then the bottom drops to major base of supports beginning at 106.30, 105.85, 105.66, 104.47 and 103.02. Supports travel incrementally to 99.00’s.
May 1st, USD/JPY hit its bottoms at lower 105’s and skyrocketed 500 + pips to current 110’s. Buy dips looks like the way for USD/JPY.
Brian Twomey, Inside the Currency Market, btwomey.com