Obviously as most know the USDJPY follows US Equities, which has seen a nice sell of that certainly shows targets a lot lower (ex. DOW support not until 14000). Also, DXY has clearly broken down repeatedly after lower highs to lower lows, which points to a new trend. On the other side of things this is creating a very strong YEN so I prefer selling the USDJPY more than any trade I'm seeing at the moment. We broke the major support area at 120.400 and retested I sold at 119.7. Targets are now 116 the last support area, 2nd target at 113.7 being the 1.27 fib extension and then 110.
