Japan all set to snatch back gains

• Bank of Japan's monetary policy statement: Today BoJ is expected to reveal BoJ's outcome of their decision on interest rate and also the commentary on economic condition that project Japanese business outlook.
  
  
• Manufacturing PMI: These numbers were increased to 50.90 in May of 2015 from 49.90 in April of 2015.
  
  
• Industries Activity MoM: It is printed at -0.4% against the forecast of -0.4% which is quite disappointing but the good news is that their GDP number (0.6%) beats the streets expectation, unemployment rate also reduced to 3.4% in addition.
  
  
• Foreign Bond Investment: It is increased to 1099.2 JPY billion in the week ended May 16th 2015 from 492.6 JPY billion in the previous week as reported by the Ministry of Finance, Japan.
  
  
• Foreign Stock Investment: It is also increased to 187.3 JPY billion in the week ended May 16th, 2015 as reported by the Ministry of Finance, Japan.

An eye on tomorrow's calendar:

• BoJ's Governor Kuroda's speech
  
  
• BoJ's interest rate decision

A glimpse on technicals: (USD/JPY)

On a daily chart, it is traced out that stochastic evidencing %D line cross over occurred exactly above 80 levels which indicate the overbought situation on this pair.

Bearish candlesticks with long real body on intraday confirming the downward convergence of RSI (14) with the price line.

Hence, we perceive a near term target at 120.59 and then 119.814.