It indicates uncertainty in the counter as both the events emanated positive outlook for their respective economy.
Then the DXY index went through a profit booking rally, owing to which USD/JPY also slid.
But, now the counter has two short-term reversal patterns.
One, which completes at 111.184 zone.
Second, the which also completes at the same point.
The zone is also a price action .
And the indicator is currently printing an oversold reading in the hourly chart, which indicates exhaustion in the counter for the short-term.
The confluence of supports only strengthens the argument.
Hence, we expect the pair and take support and make an upswing to the resistance of 111.648 for now.