According to Karen Jones, analyst at Commerzbank, USD/JPY pair is neutralising near term and it is possible that will have to allow for a deeper retracement to the 55 day MA and the 2 month uptrend at 110.08/110.13, which should hold for an upside bias to be preserved.

“We suspect that it is trying to reassert its up move sooner. Immediate resistance is 112.23, the 6th December low, the 112.43 55 quarter moving average and recent high at 113.71. We have a 5 month resistance line also at 113.08. Long term trend (1-3 months): break of the 200 day MA opens path to the 113.71 recent high and the top of the range at 114.55/73.”