As you can see in the chart, there's little to no space in the range where USDJPY has been locked in for some time (since the recent lower point), so here's some things to think about:
The US Dollar Index (USDOLLAR) may breakout the resistance and go higher
Or it may get rejected at the resistance and come back all the way down
Considering both scenarios and the similar positioning I took on GBPUSD, I thought it would be reasonable to post my thoughts here about this pair.