Yen gains on the back of weak global sentiments

• Pair is currently trading at 112.81 marks.
   
• It made intraday high at 113.37 and low at 112.71 levels.
   
• Japan's Nikkei 225 index also plummeted 2.23% to 15,836.31 points on Friday morning in Tokyo.
   
• Yesterday trade balance data showed exports plunging 12.9% year-on-year in January and recent strength of Yen may cause for further easing by BOJ.
   
• Intraday bias remains bearish for the moment.
   
• A daily close above 115.96 will turn bias to the bullish again.
   
• 10, 25 and 50D EMA heads down, which signals bearish trend for the moment.
   
• Recent downfall will take the parity towards 110.98 and 109.17 thereafter.
   
• Key support falls at 112.51, 110.98 and 109.17 levels.
   
• On the top side, resistance levels are seen at 114.87, 115.96 and 116.21 marks.

We prefer to take short position in USD/JPY above 113, stop loss 114.87 and target 109.17/107.30 thereafter.