Technical outlook:
USDJPY is seen to be trading just above 105.00 levels at this point in writing and might be preparing to produce a bullish reversal ahead. The currency pair is probably working upon the bullish boundary between 101.18 and 112.22 respectively. Kindly note that fibonacci 0.618 support of the above rally is seen towards 105.20 levels and probability remains high for a bullish reversal here. We have to wait for a confirmed signal though, before initiating fresh long positions. A strong support is seen towards 101.18, while resistance comes in around 109.85 levels respectively. If prices continue to drop below 103.40 levels, it would threaten a break below 101.18 going forward.
Trading plan:
Aggressive traders might remain long, stop @ 104.00, target above 109.85
Good luck!
