Riding the wave down on USDJPY?

Failing to break above key resistance at the 114-114.50 region highlights downside risk in the near term. As it is currently testing the key 38% Fib support region at 111.70-111.90, I am more convinced that a short-term top has been formed at 114.50. As our stochastic indicator is at extreme level, my bias is for a short rebound from either the 38% or 50% Fib level, followed by a downward test towards our pivot zone at 109.65-110, while a break below 109.65-110 would pose significant risk to our Nov low region at 107.10-107.30.