We may be nearing the time when the Dollar finally pulls back, and the Yen stops bleeding out. We have several data points in favor of this hypothesis:

1. DXY's last 11 weekly bars have closed on higher highs, as shown in my analysis here, DXY - Another Week of Bull! DXY is overbought on the RSI, and has a gap to the weekly 9EMA that desperately needs to be closed with at least a minor pullback.
2. JPY has formed a very nice descending wedge for the last 13 weeks and is losing steam to the downside. You can find my analysis on JPY here at JPY - A Bullish Pullback is Here
3. USD/JPY's chart coincides with the analysis of the other two charts; we're nearing the top of the bull channel and the intersecting previous high at 152.000. Once this price area is hit, look for a strong pullback at least to the mid of the channel around 147.500, but could go as low as the previous bull high of 145.000. This seems like a clear area to take profits if you're in a long and get ready for at least a short scalp on the daily. The better approach may be to scalp some of your position at a 1:1 Risk/Reward and swing the rest to a 1:3 Risk/Reward to somewhere just above 145.000 unless a reversal signal presents itself along the way.

If you're in a long, look for scalps and swings on the lower timeframes, but be cautious at these levels. I would be looking for a good short entry at the top of the channel.

Trade wisely and let us know what you think in the comment section below!