27.04.201702:52:00UTC+00Fxwirepro: Usd/jpy Downside capped by 200- 4h Ema, Good to Buy on Dips
USD/JPY hits highest level for this month at 111.77 and has given up its daily gains, closed in the green .The pair jumped from the low of 108.13 as U.S 10 year bond yields shown a huge recovery from the low of 2.18% and hits 2.33%.But U.S government announcement on tax reform has dragged the 10- year yield from the high of 2.33%. USD/JPY is strongly correlated with US 10 year bond yields (positive correlation).
BOJ held its policy steady as widely expected and raises its economic outlook.
The pair is trading well above all moving averages in the 4H chart and major supply zone is around 111 (200- 4H MA).The near term support is around 110.67 (21- 4H EMA) and any break below targets 110.38 (38.2% retracement of 108.13 and 111.77)/110.15 (100- 4H EMA).
On the higher side, the pair needs to regain the 112 level for further jump till 113.
It is good to buy on dips around 111 with SL around 110.15 for the TP of 112/113.
Rimani 
