With this said, keep an eye on a close either side of 106.65 which provides a longer term bias (2011-2016 32% retracement level). Two consecutive daily closes, or one weekly close above this level would indicate the start of a sustained uptrend in USDJPY .
Look to sell an intraday rally towards 107.20 this week for a potential pullback towards 104.25-50 during next week.
However, on an intraday basis (4H chart) the market appears to be overbought with negative divergence on the momentum oscillators.
The peak may be in for a correction towards the initial target (now slightly higher at 104.63, followed by a test at 102.85 if this breaks.)
Stepping back from USDJPY to allow the market to form a definitive swing low / high on a daily basis