• Nikkei selling has taken its toll on the Japanese Yen crosses, with USD/JPY re-testing lows below the 111 handle at 110.85.
   
• FOMC/BOJ outcomes, due on Wednesday US hours and Thursday Asian morning respectively will be the major drivers for the pair.
   
• News that the BOJ is considering negative rates on loans has kept the Yen subdued, and should the FOMC sound not as dovish as expected, USD/JPY is likely to find a further boost.
   
• On the day, the pair is trading a narrow range with day's high at 111.30 and lows at 110.85.
   
• Technicals on daily charts support upside in the pair, but intra-day bias is bearish.
   
• Supports on the downside are aligned at 110.84 (April 25th lows), 110.66 (5-DMA and March 17th lows) and 110.
   
• Resistance on the upside aligns at 111.80 (double top April 4th and 22nd), 112 and 112.66 (cloud base).