Mentioned in the previous post, there was an inherent weakness in the dollar-yen due to its price action around 113.22. While the pair rallied up to 113.35 prior to Asia opening, a huge wave of sell orders sent the pair tumbling. While we saw a potential short opportunity last evening (Singapore Time) on technical basis, the confirmation of North Korea's ICBM by US this morning has supported our technical views as traders remain weary of any military confrontation between the US and North Korea.
For that, we remain bearish with a target of 112.40 in mind.