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Declines in USD/JPY have been too heavy, the BOJ may be trying to slow down the current pace of Yen appreciation.
- USD/JPY sees a sudden 40 pips bounce off lows, from 110.89 to 111.29 levels.
- The pair is extending higher, is currently trading at 111.45.
- Strong support is seen at 110.70 levels. If the pair manages to hold above, short-term reversal in trend likely.
