USD/JPY has been a relatively quiet start in Tokyo, given the disappointment in the Tankan survey. The large manufacturers index reading came in as the lowest level since June of 2013. Then, the large non-manufacturers index arrived as the lowest since March 2015. This report should be fuelling further speculation of additional easing coming from the BOJ. BOJ Tankan worsens fundamental outlook in Japan Meanwhile, as it seems so for this session too, and start of a new quarter within an environment of 'Yellen's caution alert', USD/JPY was unmotivated this Thursday in the U.S. session. The major is stuck within a 50 pip range ahead of the US nonfarm payrolls data. USD/JPY levels Valeria Bednarik, chief analyst at FXStreet noted that the bearish trend has paused, but not reverted. "In the 4 hours chart, the technical indicators have lost their bearish strength within bearish territory, but remain well below their mid-lines, with no certain directional strength, as the price remains below its moving averages." In respect to the moving averages, the key 112.80 resistance marks where the 100, 50 and 20 all converge on the 4hr sticks and a break there to the upside reveals 113.41 highs on the 29th March's 4hr sticks as a key target. To the downside, 112.20 guards 112.00 before the congestion through 111.20/75, guarding the key psychological 110.00 level. "In the meantime, the bearish trend has paused, but not reverted, and investors are still willing to push the pair towards the 110.00 region, to test BOJ's determination to keep the JPY lower," explained Valeria Bednarik. For more information, read our latest forex news.