The USDJPY has traded through the 200 day SMA (although there is no daily close above the SMA yet) and focus is now on the 61.8% retracement of the decline from 110.71 at 101. Remember, the long term wave structure is bearish, as evidenced by the break from the triangle on the monthly chart. However, there are bullish implications from a short term head and shoulders inverse pattern, which suggests that 101 will be reached. Only a drop below 98.19 would begin to suggest that a top is in place.