[rufffen]

Here's 2 possible scenarios on USD/JPY 4 hour charts, since this week YEN will be driving everything else on Fridays, BOJ statement is out.

OK, above 116.20 Id say we are capped around 117.60 anything above that will be resisted.

Downside clearly has more potential, we could top out now around 116.00 area and reverse SOUTH, and if the rates are hiked this one time, the YEN item might drop to 112.80 and from that point retrace and continue into the downtrend towards 108-110.

I favor the SOUTH/downturn scenario, however lets watch the markets on Thursay, if there are any updates, Ill let you know.