USD/JPY bears are making their mark as Tokyo gets going and its back to business on the downside. The Yen is strong across the board as Abe crosses the wires, but with little to run with saying the BoJ will take appropriate steps towards policy. The major is close proximity of the yearly lows scored over night here at 114.20 and markets have the door a jar awaiting the break, but an air of caution is surrounding the supply as the threat of intervention of the Japanese authorities lingers. The last time the Ministry of Finance ordered the BoJ to intervene was in 2011, after the earthquake and tsunami", noted Kathy Lien, BK Asset Management USD/JPY has suffered on a number of ways, but mostly as we enter extreme risk-off and almost an over reaction to the current state of affairs in the Global economy, fearing the worst is yet to come while the media play out and take the roll of the prophet of doom. While the Yen is indeed likely to be uncomfortable strong for the BoJ and in such a short time frame after last week's escapades at the Central Bank, the market is determining the price and that may continue right up to Yellen's testimony later today. Chair Janet Yellen's semi-annual Monetary Policy Report to the Congress on both Wednesday and Thursday and apart from jobs, markets will be looking for her call on what impact these recent tightening in financial conditions will have on activity and the Feds outlook for inflation and growth while March a close to 0% chance has been priced in that an additional hike can come as soon as March. USD/JPY levels The USD/JPY is trading well below the long-term daily and weekly horizontal support levels and remains directly offered below 115.50 and the 116.00 strong hold of previous weeks. The momentum was strong and RSI on the daily sticks registers at 32 still while the price has sights on a break of the recent low circa 114.20 S1. For more information, read our latest forex news.