Still nos significant move has been seen on this pair, the US Dollar is still being contained above 108.50, unless the price clearly breaks below 108.50, I expect a clear rebound from this level to pick a long position with an ideal target at 110.40, a break below 108.50 will culminate into further bearish momentum but should not go beyond 104.00. This pair should be traded alongside CADJPY, AUDJPY, NZDJPY, and CHFJPY. These pairs have a strong positive correlation of up to +52% and will move in the same direction today. Only buy or sell the US Dollar if the other positive correlated pairs are giving the same signal.
Sell the US dollar below 108.50 with your target at 104.00