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Short

USD/JPY breaks trendline support at 112.95, good to sell rallies

FX:USDJPY   U.S. Dollar/Japanese Yen
365 0 15
USD/JPY             has been sold off heavily overnight on a broad based run on the greenback after Yellen's speech.

The pair broke strong trendline support at 112.95 and has edged lower to hit session lows at 112.40 on the day.

112.40 is 10-DMA and strong support on the downside, breaks below could see test of 112.20 and then 112 levels. Techs on 4H charts are biased lower.

Expectations on the rise for the Bank of Japan to decide on a significant monetary easing at its April 2016 meeting.

The pair finds immediate support at 112.40 (session lows and 10-DMA), while resistance on the upside is seen at 112.90 (5-DMA).

Good to sell rallies around 112.60, SL: 113, TP: 112.20/112/111.65
Trade active: All targets hit. We see scope for further downside.

Book partial profits, lower trailing stop to 112.20, hold for 110.50.
Trade closed: target reached
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