Nice flag on 4 hour chart and break out to the up side should be nice place to go long. First target 134.30, next 135.00
I already took long position on CADJPY on the similar situation.
and also waiting for the USDJPY
I think this pair has a potential to go up till 160.00. Price still inside weekly range, but current price action I read as an impulse bouncing up from the weekly's support. I would like to see a pull back or consolidation on 4 hour chart, before I go long.
Price in the wide range on the monthly chart and this post is just for reference. I prefer to trade to the down side, but break above 0.8000 should easy push price to 0.8500. On shorter term (4 hour chart) price is moving down. If impulse up will appear from here I will start buying. Down side target I see 0.7000