USD JPY has just had a 0.98% correction since yesterday, with the price now trading under the 113 levels. It appears that the price has found some stability at the 112.8 area, the last time the price fell to this zone there was a decent reversal in price. The 1hr RSI levels are currently in oversold regions which indicates that a move to the upside could be imminent. The target for this trade is at the previous resistance level of 113.5. The stop loss area is just below the support zone of 112.475. At 3 pm today Fed's chair Powell will have a speech after being renominated last week.