If a price slices through a support level, was it ever there?
Enough of the philosophical musings, here is HSBC from an overnight note on the yen and BOJ!
The JPY is stronger ... extending gains following Tuesday's surprise cut in bond purchases.
While we are not convinced the BOJ's move was a signal of a pivot to the exit, it seems that the sentiment shift in the short term from the announcement has caused a larger shake out of long USD-JPY positions.
... Next support comes in at the 110.84 November low.
