• USD/JPY is currently trading around 103.82 marks.
   
• It made intraday high at 104.00 and low at 103.58 levels.
   
• Intraday bias remains bearish for the moment. 
   
• Today Japan released monetary policy meeting minutes for the month of April.
   
• BoJ minutes showed that underlying inflation trend has been improving steadily as QQE and negative rates impact would steadily spread to economy and prices.
   
• BoJ minutes – Policy members agreed that turbulence in global markets means it could take more time to see monetary policy benefits.
   
• A sustained close below 103.54 will drag the parity down towards key supports at 102.10 and 101.56 levels respectively.
   
• Alternatively, a daily close above 105.19 is required to take the parity higher towards key resistances around 106.12, 107.90, 110.44, 112.60 (55D EMA) and 113.42 levels respectively.
   
• Important to note here that, 20D, 30D and 55D EMA heads down and confirms bearish trend in a daily chart.