I’m not too sure what to do with USD/JPY. Overall it looks like we are in a holding pattern somewhere between 101/105 and that we will see 110+ once this consolidation is complete. The Yen crosses look reasonably well bid, especially pairs like NZD/JPY, and whilst the cross demand is there, we should not see a massive USD/JPY sell-off.
Nevertheless, care is warranted, as the USD looks pretty sick to me at the moment and the lack of any concrete steps by the BOJ might well frighten off the Yen bears.
If you’re bullish, buy dips to 101.25 with fairly tight stops.
If you’re bearish, I might even consider selling a break below 100.75? Risky, but once this pair turns it will fall very fast indeed.