Technical outlook:

USD/JPY rose to fresh swing highs around the the135.20 mark before finding resistance. The pair is pulling back, trading just below 134.80 at this point in writing. Bears might be poised to be back in control to push the pair below 133.40. Ideally, prices should stay below the 135.20 mark as a strong high level seems to be in place.

USD/JPY grew to a low of 102.00. It might have terminated around 135.20 levels. The new swing high is accompanied by a strong bearish divergence on the RSI as presented on the 4H chart here. This could be seen as a potential trend reversal as bears would want to target 126.36 support to regain complete control.

USD/JPY is seen to be sliding sharply as it has dropped to 134.60 at the time of writing. Watch out for a break below initial support, which is seen through 133.40 for a further decline. The pair should ideally produce a larger degree of corrective drop retracing the boundary between 102.00 and 135.20.

Trading plan:

Potential drop through 126.00 against 135.50

Good luck!