See: in comment.
A rally from the low 80s in summer 2012 is nearing the top of the , and has so far failed to convincingly break the CD mid-point (P) of the last ABCD on the weekly chart, closing both below it, and coincident sliding parallel resistance. The modest upward slope of the (~1 JPY/year) by comparison with its width (30 JPY) suggests that that it might be worthwhile considering a short position.
A) If CHFJPY slides, short at the weekly P & coincident sliding parallel (107.68), stop loss at the corresponding D 109.66. (It might be possible to find a closer stop position that makes sense based on intraday charts as the opportunity arises.)
B) If it meanders unconvincingly towards D of the daily ABCD, the upper MLH should provide strong resistance, justifying a short there 110.2, stop loss above highest sliding parallel (~110.9).
Target: upper quartile (~102.7; it's hard to imagine the BOJ allowing JPY to strengthen enough to take it back to the ML)
R/R ratio - A: 1.9, B: 8.8
Disclosure: I'm making this up as I go along. Feedback welcome, trade at your own risk! Good luck :)
The SNB reacted when the CHF was around 110 in 2011, but the CHF index is probably quite a bit weaker right now on a trade-weighted basis, so maybe CHFJPY has headroom before they'd try to intervene.