The USD/JPY managed a low of 95.70 overnight before the SNB shook things up a little throughout the FX markets. Until we manage to take out 99.80/00 i still believe that we target the 94.50 if not 92.00/50 levels and the price action as indicated by the hourly and daily charts i have atttached further add to my confidence for this move.
I also found a piece that you may find interesting in relation to the JPY strength.
You may also want to take a look at the weekly USD/JPY chart and in particular pay attention to the technical studies that have all turned down from overbought levels.
For now, i would suggest selling USD/JPY at 98.50 and again at 99.10 with a stop above 99.80, looking for a move back to 94.50 if not 92.50.
