Analysts at Westpac suggest selling USD/JPY if it rises to 111.90 from the current 111.33 level. They target 110.10 with a stop at 112.55.

“FOMC patience and [an] early shift in balance sheet reduction to weigh on US rates,” they write.

They believe Brexit will weight on risk assets until month end and that resistance at 112.00/50 will cap any rallies.

Risks include a Brexit deal, a less-dovish Fed, better economic data including global PMIs and a dovish shift from Kuroda in the day ahead.