Actually I am neutral here, as we have a conflicting message. Notice the September and October candles. We are either at the top of a distribution zone or we might see an effort to rise to new highs. Weak bullish volume doesn`t confirm a breakout to higher highs.
Could be more defensive and risk-adverse before the ECB press conference, a retrace is possible to the base of this recent bullish 4h candle. Price has to stay above 3140 zone for constructive bullish continuation.
If you look closely at the whole structure in USDJPY 8 hours, it looks as if it is STILL only a retrace of a bullish W base formation. I believe the key level 102.067 will be broken to the upside. Any decline will be much more gradual - as big players need more time to unwind any positions. No trade yet, watching Nikkei225 closely as well.
We could see further price advance to at least 9200, but only if US Indices cooperate - and it will be very much endangered by political news ( IRAQ etc. ). Looking how major stocks/components behave as clue for recovery strength...