Fundamental wise, with global stock markets doing well, investors are getting less risk adverse. Safe haven assets like Gold and Yen will further depreciate. We expect BoJ will further defend USDJPY and prevent it from falling below 100. We see a limited downside from Longing USDJPY .
Technical wise, USDJPY broke the resistance and has turned for the next few trading sessions. One could wait for retracement around the blue box for better entry and long it till 105.5.