I personally entered in a long position on 11/01/2016 from 127.00, which represents the bottom of my trend channel with target 130.000 ( NEVER BE TO GREEDY WHEN YOU GO AGAINST THE TREND) taking a nice +2.40% on January 28th.
However what I am really looking for is to go short at the top of the trend at 133.000 which is a really strong level for 3 main reasons:
1)psychological level (round number)
2)top of a downside trend-channel
3)consistent level throughout 2015
As we can see around 132.000 we also have the 75% level of the which represent another good . Thus my personal recommendation is to enter the short position around this 132.000 level with a not too big order and then wait and see whether the pair will reach the 133.000 and then enter a bigger short position. From there a reasonable target will be the bottom of the trend, just about 126.000 which will represent for sure a very important since it is also the lowest point the pair reached since 2013 .
From the point of view of fundamentals, the recent cut of B.o.J. in the rate at which banks can deposit their excess in reserves, which just became negative -0.1%, in order to try to keep up with , will probably lead to a depreciation of the JPY which would be very nice for my strategy.