Whilst these level might still be reached in the future there are enough reasons to expect a decent pull back to offer shorting opportunity for the following reasons:
1. sentiment is too extreme for the USD strength.
2. BOJ representatives are making the noises that YEN has weaken faster than they anticipated and possibly for their comfort.
3. Based on TA we could see that we clearly reached the extreme of the rising that has contained the price action since 2012 low.
4. we have (from 2012 low to - May 2013 high) (applied from June 2013 low ) measured move that coincide with recent top.
5. we have Sep - Oct retracement swing Fib extension of 3.382% at recent high with clear divergence.
6. The steep uptrend defined with narrow has been broken convincingly.
7. Recent violent drop in price could be impulsive, compared with the bounce of the spike low yesterday which has retraced 50% of the decline.
If all above holds then at least 50% -61.8% retracement of the October to recent high could be expected if not more. That would give us potential 113-110 zone
Clear lower lows have been formed on Hourly which can offer manageable stops for planning short trades.
please see further charts on shorter term below for illustrating the above.
Now it remains to be seen how the price progresses. As always do your own analysis before engaging in any trades rather than just relying on my observation.
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