The market remains bullish USD/JPY and it also remains long and susceptible to short-term clean-outs on the downside. The bulls have drawn a line in the sand near 101.25 which suggests to me that there will be a lot of stops below 101.00. On the topside, there could be stops above 102.20 but sellers will re-emerge towards 102.60.
Strategy: Wait in hope for the topside stops to be done and sell into strength near 102.50 looking for a clean-out later in the week towards 100.00.