The Dollar-Yen recent bullish contest has somewhat subsided as the US Dollar Index takes a tumbled.
Based on the technical aspect, the Relative Strength Index (RSI) 3-daily ‘lookback’ indicator shows bearish divergence as it buckles away from the overbought zone, while the Moving Average Convergence Divergence (MACD) holds a positive signal.
The Average Directional Movement Index (ADX) trend indicator holds to a bullish signal (but overheating).
As prices push higher, we could soon see a bull trap set and a potential retreat to 112.45-65, especially due to the bearish divergence. Reassess from there.