USDJPY: The US Q4 2015 data pushed this pair higher at the end of the last week, however, it was not supported well by Asian macro. We saw the yen traded higher today and the pair seems to be stuck in the 112.75-113.10 area due to lack of direction at the end of the month and a high degree of uncertainty for yen buyers, given rumours of Bank of Japan intervention at the 111 level. From a technical point of view we are in the grey zone, strong support of 112.75 is in play with the next level to be under 112, key level is 111 and resistance is 114. Clearly there is a higher probability of a stronger move up rather than down at the moment, however, there is a strong lack of certainty in absence of the data.