- Pair is currently trading at ¥112.22 marks.
- It made intraday high at ¥113.01 and low at ¥111.66 levels.
- Intraday bias remains bearish for the moment.
- In addition, Japan finance minister Taro Aso warned investors about the current strength in yen and expressed recent rise as "rough movements".
- He added, "watch the foreign-exchange market with a sense of tension and BoJ will act appropriately if that becomes necessary."
- The benchmark Nikkei 225 index plunged 5.34% to 14874.64 points on Friday morning in Tokyo, the lowest the index has traded since late 2014.
- A daily close below ¥111.96 will target ¥109.17 and ¥106.63 thereafter.
- On the upside, above 114.20 minor resistance levels will turn bias bullish again.
We prefer to take short position in USD/JPY around ¥112.30, stop loss ¥113.60 and target ¥109.00.
