Shorter term, the USDJPY is in a consolidation that has taken the form of a head and shoulders top.
Coming under 108.98 would warrant a bearish bias against 110.00. Keep in mind the bigger picture that calls for a top and reversal in wave 2 and eventual decline below 95.72. We of course can not confirm that wave 2 is complete at 110.65 but the rally from 95.72 retraced a bit more than 50% of the 124.13-95.72 decline. 50% is a common level for wave 2 to end.