USDJPY is in up trend. The fall from 110.40 is treated as consolidation to up trend. Key support is located at 107.28, as long as this support holds, we’d expect up trend to resume, and further rise towards 112.00 to reach next cycle top on daily chart is still possible after consolidation. However, a break below 107.28 key support will indicated that a cycle top has been formed at 110.40 level on daily chart, and the rise from 103.76 has completed, and then deeper decline towards 103.76 previous low could be expected to follow.
For long term analysis, USDJPY formed a long term cycle bottom at 95.77 (Mar 17 low) on monthly chart and is now in long term up trend. Further rise towards 120.00 is in favor.