The current retracement back to 118.382 - 118.4 is the level to short from, targeting 114.11. We could expect to see a push lower to possibly fill the gap at 112.315 as well.
BoJ is due this week and not to forget the ECB drama. Given the circumstances, I expect Yen to act as a strong safe haven this week thanks to Europe.
This is my assumption: Monday should see a move down before a rally during US session. Momentum is expected to remain the same until BoJ is done with. After the leg up, which is sure to attract long positions, Yen should start strengthening as ECB approaches and therefore fall lower.
Its only my assumption. Price has the final say on this
And also learned from last week's EURUSD that Gaps will fill when the markets want to, not when we expect them to. I'm sure many people will be looking to set their TP's near gaps. If I had institutional money, i'd push price just a few pips to the gap and turn into a big buyer, swallowing all the sellers ;)