USD/JPY has opened in Tokyo testing the 4hr 55 sma at 113.12 on the back of the markets preparing for a weaker Yen as a result of the BoJ possibly needing to act on their policy should they desire to reach their headline inflation target of 2% as soon as possible and in the given time frames, unless of course they will abandon the target or switch to the core inflation measure, which excludes fresh food and energy, from the traditional core inflation, which excludes food only, a sin that case they are not a million miles away. See here for today's miss: Inflation still light years from BOJ target. However, very few Central Banks target the core and aim for the headline, and the obstacles for revising the current 2% headline CPI target would be very large. For example, doing so would mean a redrafting of the government-BoJ joint statement signed in January 2013. Turning to the rest of the day ahead, the key data will come in the US session with the second estimate of Q4 GDP for the US. US Q4 GDP preview - Nomura USD/JPY levels USD/JPY: about to confirm double bottom? - FXStreet "Indicators in the 4 hours chart favor a steeper recovery, with 113.50, 23.6% retracement of the 121.68/110.97 fall, as key level. A break above 113.50 will be a positive sign, confirming the double bottom at the 110.97/111.00 area," explained Ani Salama, economist at FXStreet. Meanwhile, we are at 113.10 spot, with R3 at 113.71 through 113.50 initial target. RSI (14) on the 1hr is below overbought territory still at 67.41 and allows for more upside for the session ahead while the daily is risking out of oversold at 30.46 currently. For more information, read our latest forex news.