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.