- Yen is being sold off in the Asian session, comments from Japanese authorities reviving BoJ easing prospects weighing.
- USD/JPY is edging higher after hitting lows of 112.63 on Tuesday's trade and is currently trading at 113.34.
- On the Technical side, the pair has taken strong trendline support at around 112.63 and has edged above 4 hourly cloud.
- Momentum indicators on the 4 hourly charts are biased higher, gains upto 113.80/90 likely.
- On the downside, breaks below 112.75 (trendline support) could take the pair to 112.20, 112 and then 111.35 levels.
- Markets focus on FOMC meet later today which could have a major influence on the pair.
- After some not so positive data in the US shift over night in retails sales clear implication is a dovish tone from the Fed.
- Our previous call (http://www.econotimes.com/FxWirePro-USD-JPY-fades-a-knee-jerk-spike-to-11414-post-BoJ-slips-below-11350-focus-now-on-Kurodas-presser-178444) has hit all targets.
Recommendation: Good to buy dips around 113.30/35, SL: 112.90, TP: 113.80/90
