Clearly the market got a bit upset by the lack of hints from the BoJ on easing in the coming months and we've seen strong short covering in the JPY

Clearly the market got a bit upset by the lack of hints from the BoJ on easing in the coming months and we've seen strong short covering in the JPY. With the flush out of shorts from those positioned for a dovish narrative from Mr Kuroda, it looks as though we have come to an inflection point. Given tonight's FOMC minutes are likely to be a hawkish affair (and thus USD positive) the pair could be a good long from here, especially after the strong support seen on the trend drawn from the February 4 low at 101.50.