Karen Jones, analyst at Commerzbank, suggests that they will go with the move to the topside for the USD/JPY pair after last week it eroded the 200 day ma, which was key resistance.

“Immediate resistance is 112.23, the 6 th December low, the 112.43 55 quarter moving average and recent high at 113.71. It is underpinned by the 20 day MA at 110.68 and this guards the base of the channel at 109.57. While above here we will assume an upside bias. Long term trend (1-3 months): break of the 200 day MA opens path to the 113.71 recent high and the top of the range at 114.55/73.”