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USD/JPY hold 50-DMA at 111.80

The USD/JPY caught a fresh bid-wave against the American dollar in the early Asian morning, largely on the back profit-taking, after having hit fresh two-week lows at 111.88 levels in opening trades.

Last week, the yen fell to its lowest level in three weeks against the dollar on Friday amid speculation that the Bank of Japan could step up monetary easing measures at its upcoming policy review.

The traders sold-off the US dollar across the board on rebalancing their positions ahead of the crucial FOMC and BOJ monetary policy meetings. Meanwhile, thin markets prevail in the Asian session and a lack of relevant economic news, leaves the USD/JPY pair at the mercy of the sentiment around the oil and stock markets.

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