JPY has history of disappointments. In the past, every news of intervention has given it a pop of few hundred pips, only to give back everything and some more during later sessions. Well, drastic policy change is a different thing than one off intervention. Forces which catapulted USD/JPY
from 75 to 125 are being stressed now. With Fed and BOJ on the horizon, this week in particular will be very eventful for dictating medium to long term direction for JPY pairs. Let's see what comes out of those meetings on Wednesday and Thursday and then we will check it out in more detail for long term trading opportunities.
For now, we will be wary of chasing any moves but we are looking at these levels to trade it from long side. Support at 110.50 and 110 are on focus now.