It has been an impressive run-up in this pair. Since mid-January USD/JPY has climbed to 111 from 98 — more than 1300 pips. The two significant pullbacks were in the 250-400 pip range. After 7 days of gains, today’s reversal after hitting a fresh high suggests the scope for another similar move, which would target the 106-108 range.
A further sell signal comes on a break of 110.00/109.93.