The century mark is a huge psychological level for the USD/JPY and while the deteriorating Japanese economy continues to rally the dollar-yen. With the daily chart still in a strong uptrend, it would not be best to fight the trend on this time frame.
However, there are some intraday set ups that could set up weakness at these heights that would be both shorter term (accounting for a short term correction versus an all-out reversal) and lower risk.
The pattern set up here can be played as a continuation off the uptrend line support (blue) or if selling pressure commits, there could be a set up as prices break down through this same support level. It is the decision level in the uptrending pattern.
The uptrend itself will be intact as long as price trades above the Wave. Watch for support between 98.20 to 97.90.
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