The pair hits a high of 110.92 on the day, though trading range remains limited
Not much of action is going on but the notable development is that USD/JPY is hitting a high on the day. Buyers have been struggling for the last few hours to take it above the 100-hour MA at 110.83 but it looks like this attempt may just do it.
But this is where the real test begins as there is still the 200-hour MA sitting at 111.00 - a resistance level the pair hasn't stayed above since 10 January when it started falling from 113 levels.
That will be the key level that buyers need to break through in order to get a run to the upside again. Do keep in mind though that there's the BOJ meeting decision and statement tomorrow, so that's a possible risk event that could influence the pair. Although, the BOJ is not expected to announce any changes in the meeting - but they may upgrade their 2018 growth forecast/outlook.
