USD/JPY rose in six out of seven last days, rallying 380 pips from two-year lows set last Tuesday near 105.50. Stronger supply into 110 is no surprise as the pair pulled back today.

The area between 61.8% retracement of the BOJ meeting downswing and 110 level is the immediate resistance, reinforced by 50 DMA approaching from above. If 108 - 108.50 holds, then we may see another attempt at the aforementioned area.

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