On a 2-hourly chart, the pair finds strong support at 130.95, break below will see test of 103.35 levels.
Technical indicators support downside, Stochs are on the verge of a rollover from overbought and is biased lower.
BOJ Governor Kuroda and Prime Minster Abe have been advocating easing measures that could come anytime.
A break above 105.40 should confirm a continued advance for this Wednesday, with scope to extend up to 106.80.
Support on the downside is seen at 103.95 ( ), 103.61 (2H 20-MA) and then 103.07 (20-DMA).
On the upside resistance is located at 104.88 (session highs), 104.98 (July 12 high) and then 105.
Trade Idea: Short rallies around 104.20, SL: 104.60, TP: 103.60/103.35