USD/JPY: watching the downside in the major - Scotiabank

Analysts at Scotiabank explained that the Japanese FX reserves shrank modestly in November and the Leading Indicator rose to 101.0 in October (from 100.3). 

Key Quotes:

"BoJ Deputy Governor Iwata said the BoJ will continue its asset purchase programme as it seeks to reach its 2% inflation target. 

USD/JPY short-term technicals: neutral/bearish -  two failures at 114.80 leaves a potential double top on the short-term chart."

"A downside break under the intervening low at 112.90 would trigger a correction lower to the upper 110.S Japan releases trade and final Q3 GDP data tonight."