FXstreet.com (London) - In the previous Asian session the Nikkei closed with gains of nearly two percent, riding the wave of fresh investor confidence during the holidays. Today is a national holiday for the state of Japan, and as such the Yen is likely to trade quietly.

The pair is currently trading at 91.76, down just 5 points from the open. Trading at near 2 month highs as we write, Yen weakness will comes at a good time, with BoJ facing real threats of deflation, and a strong currency damaging Japanese exports.

For key technical levels Valeria Bednarik, collaborator at FXstreet.com, guides us: Pair remains bullish and approaching to the 92.00 area, guided by 20 SMA in the hourly chart. However, hourly indicators look a bit exhausted to the upside as well as 4 hours ones, while pair seems to have formed a very short term double roof in the 91.85 level. Above this, expect the pair to regain upside steam, while under 91.50 we could see a deeper downside correction and an approach to the 91.10 area.