Yesterday, North Korean foreign minister said that they understood Trump's comments over the weekend as a declaration of war. White House later said that they have not declared war on North Korea.

Yen was bought on the news and USD/JPY fell some 50 pips. The pair stalled ahead of 111.50 level, which is the immediate support. Pre-FOMC low near 111 and the big figure itself is the next area to watch. 112.30 - 112.70 is the initial resistance.

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