I haven’t been trading this pair, although I did take a small long in CAD/JPY near current levels based on the basing formation break. Buying USD/JPY near trend highs does not seem to me like a long-term winning strategy so I’d prefer to leave it alone and hope for some downside clean-out dips.
Support levels will now start around 103.00 and sell orders between 104.20/50 are expected to be very heavy indeed. Perhaps waiting for the edges of this range makes good short-term trading sense.