USD/JPY has been a downside play in Tokyo below the half way point of the 111.0 handle and diverging away from the 20 1hr sma at 111.43 at the start of this week's session in Asia. The Yen's strength of late was most apparent after the BOJ remained on hold again and while the FOMC came across more dovish than expected. Now that there is some room to breath between key events, markets can reflect on the FOMC as explained by analyst today at ANZ Bank. Valeria Bednarik, chief analyst at FXStreet explained that the Yen appreciated to 110.66 against the greenback, on the back of FED's announcement, triggered some rumors of a possible BOJ's intervention, leading to a slide in the Japanese currency by the end of the week, not enough however, to boost the pair. USD/JPY levels USD/JPY the break down from the converging range was a very negative move and we are en-route to 110.98/111.04 recent lows. Should this break, we could be looking at 106.63 as being a 38.2% retracement of the move up from 2012 as explained in recent sessions by Karen Jones, chief analyst at Commerzbank. Valeria Bednarik, chief analyst at FXStreet noted, "In the 4 hours chart, the pair presents a neutral-to-bearish technical stance, given that the price remains trapped between moving averages, with the 200 SMA capping now the upside around 126.10, while the technical indicators present limited bearish slopes around their mid-lines." For more information, read our latest forex news.