Currency pair US dollar (USD) to Japanese yen (JPY) has returned again to important support. This support was tested many times in previous years. Daily close below that level will be a bearish signal and will impact on further sell-off. Next supports are located at: 103.30, 101.20 and if current support is broken, last mentioned level will stop attack of the bears.
Alternatively if 105.60 level is successfully defended, the rebound will reach 111.30 level and just then further direction of USDJPY will be set. At all currency pairs with USD there will be a higher volatility on Wednesday evening. So watch out at USDJPY during FED announcement.
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