All of the action in USD/YEN since its May 22 high at 103.70 represents a high-level digestion period in the aftermath of the powerful Sept-May advance from 77.13 to 103.70 (+35%) ahead of upside continuation that projects to new highs above 105.00.
This week, the USD has climbed 2% versus the YEN, as the price structure pushes up against a key 3-month resistance line, now at 99.50.
If hurdled and sustained, it should trigger upside follow-through towards a test of the July high at 101.50.
Only a decline that breaks the Aug low at 95.80 will delay the initiation of the anticipated next upleg in the USD vs. YEN (downleg in the YEN).