Fundamentals: - BOJ has not express additional stimulus despite pressure from other central banks - A weaker USD due to economic data
Technically: - Yen and Nikkei at 2015 high so pullback is healthy - 4 hour is showing potential H&S formation - RSI has rooms to fall - From the breakout level, Fib of 38.2% is a healthy and viable target
If Head & Shoulder play out this is the target which coincide with the minor support and 38.2% retracement at 122.45 - 122.70 levels.