In my view, political agenda , economic agenda and the behaviour of EURO against USD will give the direction and the impetus for USDJPY. On a purely mechanical point of view, BoJ is still printing a huge amount of Yen comparing to the calendar of FED where Yellen is still sticking to the tapering.
On the Other hand, ECB President Draghi, will make his statement on June4th with regard the futur policy of ECB on LTRO, ABS, EURUSD parity etc. Therefore, the move and the direction is pending to political statement.
Having said that, the H4 charts shows some signal with regard a very early stage of a possible reversal, i.e STOCH have given the initial signal, then MA6 has start to cross up MA9, but it is too early. We need to see other sign of confirmation, I.E MACD, RSI, as well as at least MA6 crossing M16 and M50 with a confirmed CCI move up to think that 101.5 is a serious support for an initial move upward. 101.7-102 would be the catalysis of the move.
On the Other hand, ECB President Draghi, will make his statement on June4th with regard the futur policy of ECB on LTRO, ABS, EURUSD parity etc. Therefore, the move and the direction is pending to political statement.
Having said that, the H4 charts shows some signal with regard a very early stage of a possible reversal, i.e STOCH have given the initial signal, then MA6 has start to cross up MA9, but it is too early. We need to see other sign of confirmation, I.E MACD, RSI, as well as at least MA6 crossing M16 and M50 with a confirmed CCI move up to think that 101.5 is a serious support for an initial move upward. 101.7-102 would be the catalysis of the move.