Reason for the trading strategy (technically):
Price has bounced up perfectly and is fast approaching our profit target as expected. We look to sell below major resistance at 112.53 ( , horizontal overlap resistance) for a push down to at least 110.98 support ( , horizontal overlap support, ).
(34,3,1) is seeing major resistance below 97% and we expect a strong reaction off that level soon.
If it breaks through, we might even be looking at 113.
I took profit on my USD/JPY buy trade just now at 111.95, going to wait now to short.
Similarly, GBP/JPY and EUR/JPY are reaching resistance, so JPY might be heading down against these pairs.
Conclusion: If it consolidates here and resists the trend line, I will short USD/JPY here, Taking first profit at 111.65/111.70, and then at 111.
So anything is possible, Mr. MEX_Exchange can very well be right also, I respect his analysis and opinion! Most important to be patient and safe.