Today I have sold USD/JPY at 112.25 for the Target price of 111.82 with the stop loss of 112.45 . Currently USD/JPY is in retracement mode of it's recent rally from 107.30 to 113.40. If it breaks and sustains below 111.99 then the next level of 111.10 can be taken as an extended target price with stop loss suitably modified with recent swing high. FOMC minutes scheduled to be released latter in the day will give us further clarity.
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