If breaks 120.30, it could reach 122 rather quickly.
if 120.30 retains, a failure of the channel up would probably bring to 117 later this months.
Which means that the equity folks think that a bad number is going to provide them with a longer period of low rates (if i read it correctly)...
+ if you believe equities are a short here (nikkei on resistance).. it is difficult to imagine usdjpy climbing 2 figures without nikkei reacting.
BUT i dont have a strong opinion... forced to risk 40pip, i would try the short on the line