The offered tone around USD/JPY strengthened below 114.16 (100% Fibo expansion of May high-Aug low-Nov higher) as Japanese stock markets dropped due to oil market volatility. Eyes Fed minutes The FOMC minutes due later today is widely expected to show the rate hike is highly unlikely in March. According to CME data, investors are no longer pricing in another round of tightening in 2016. The Fd policymakers too have began talking about a more gradual path of tightening and feel the central bank needs to ratchet down last Dec's economic forecast. Consequently, the USD is on a weak footing in Asia. Meanwhile, a 1.5% drop seen in Nikkei is also weighing over the USD/JPY pair. USD/JPY Technical Levels The spot currently trades around 113.80. The immediate support is seen at 113.54 (5-DMA), under which the losses could be extended to 113.12 (Feb 10 low). On the other hand, a break above 114.16 (100% Fibo expansion of May high-Aug low-Nov higher) would open doors for a re-test of 10-DMA at 114.58. For more information, read our latest forex news.