We have been long USDJPY for a while and are targeting the currency pair to consolidate at the Fibonacci level just below 109 before heading towards 110 and levels not scene since May. Additionally at 52.6 the RSI indicates there is further upside potential but a lot depends on the FED meeting on tomorrow but the Bank of Japan today indicated that it would not hesitate to start easing if the Japanese economy is not reaching it's targets. We will therefore hold our position and look to increase it below 107 at the recent end of June lows and aim to start taking profit above 111.