window of usd weakness is closing, versus asian pairs. Inventory levels of USD/JPY have been raised during EUR-GBP/USD strength. The price action in this pair is signaling extreme accumulation. The USD/JPY wants to enter into a new trading handle. Ultimately it seems the exporting nation of Japan wants a extremely cheap currency. Since they are ending ZIRP, cheap currency is the alternative way to stimulate their economy.
my risk for being compensated to be short this pair based on its price action is not worth it.. if I cant be short at higher levels...so net shorts wont short it till higher levels.. or instead they will be buyers at lower levels like 116.90
so thats why it will have a hard time dropping..since it built up such a strong base there....at 116.40-116.60, on a rare event.. stop hunting at 117.00 you might get entry points...or news events.. it will spike down to 116.70 or so...those opportunities are the lowest risk trades.. and highest reward based on price action.