I saw one of the more experienced and successful intraday traders go long this pair yesterday near 103.25 with a very reasonable target at 103.85. He obviously believes that there are stops above a recent daily high at 103.75 which will be targeted. Looks like he’s read this market perfectly.
I have no strong views on USD/JPY. The JPY crosses especially CAD/JPY, AUD/JPY and NZD/JPY all look to have scope for more gains but overall I’m not that keen on the USD side of the equation at current levels.