The pair trades vulnerable at an area of macro interest circa 112.00, where sizeable bids are expected.
The market structure in correlated assets such as the SP500 -0.35% (hourly downcyle), US 30yr bond yield (hourly downcycle) and the recovery in the DXY 0.10% (still within hourly downcycle but far from lows) does not bode well for Yen shorts.
A downward trendline still commands prices lower, with risks of a range breakout into a fresh cycle low away from the established range increasing.
The significant pick-up in tick volume in the last 3 days vindicates the notion that the level around 112.00 is a major point of interest to add into longs by macro accounts.