At the end of last year USDJPY rose significantly around 1700 pips, however since January 2017, we have seen some retracement of around 1000 pips.

Since last few months, this pair is ranging between 114.50 resistance and 108.10 support level. We have seen several test of support level and current price action suggest a breakout of this support level. If it happens there is plenty of downside room, as the next major support level is around 700 pips away at 101.20.