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     Looking at USD/JPY, it means that a sustainable rise is unlikely in the short-term, at least from the JPY     component. Furthermore, the elevated short JPY positions held by investors leave prices vulnerable to a   reduction of these bets. However, with the key supports at 100.76 (04/02/2014 low, see also the 200      day moving average and the rising (channel) and 99.57 (19/11/2014 low, see also the 50% retracement    from the low at 93.79 to the top at 105.44), I suspect that the USD/JPY is likely to remain trendless until  the BoJ provides signs that its inflation outlook needs to be revised downward. As mentioned above, the   first clue will likely come from a revision of its growth outlook on 30 April.