USDJPY has been consolidating around the range of 111 - 115 since the low in early feb 2016. MACD has however been pointing towards upward momentum on a break of the triangle. There do still exist a risk of a downside break beyond 111 given both BOJ policy and FOMC coming up next week. But 111 and subsequent support at 110 seem to be strong given that prices bounced off 111 twice in February.
Alternatively, could do a long call at 114 long put at 112 to trade a breakout to either sides.
Alternatively, could do a long call at 114 long put at 112 to trade a breakout to either sides.