The Yen fell yesterday after the Bank of Japan (BOJ) maintained short-term interest rate target at -0.1% and also mentioned growth risk in the Japanese economy. Earlier this morning, the Yen gained after reports suggesting North Korea is considering suspending nuclear talks with United States. Later today, traders will turn their focus on the BoJ Governor Kuroda, who will be speaking regarding the monetary policy statement.
The USD/JPY broke above 111.50 and continued its march towards 112 (R1), only to pullback after finding resistance just below that resistance. 111.5 (S1) just turned a strong support as price retested and held above it, also the 50 and 200-day Moving Averages are intersecting just below it. Price will likely try to retest 112 (R1) before deciding its next trajectory.
Support: 111.50 / 111
Resistance: 112 / 112.30