USDJPY Analysis: Support at 112.85/112.50, resistance at 113.50/114.00

AUD/USD inches lower toward 0.7050 in Tuesday's Asian trading, reacting little to the RBA February Minutes, which reinforced a tightening bias. The hawkish outlook, however, fails to provide any impetus to the Australian Dollar as the timing of the next rate hike is unclear. In contrast, bets for more rate cuts by the Fed keep the US Dollar bulls on the defensive and act as a tailwind for the Aussie amid the underlying bullish sentiment.

USD/JPY has turned south to test the 153.00 level after having faced resistance near the 153.75 zone in Asian trading on Tuesday. The divergent BoJ-Fed policy expectations offer some support to the Japanese Yen. That said, Japan's weak Q4 GDP print, released on Monday, tempered bets for an immediate BoJ rate hike. This, along with the underlying bullish sentiment, could limit the pair's downside. 

Gold is off the lows but remains under moderate selling pressure below the $5,000 threshold early Tuesday. Gold now looks to the US-Iran nuclear deal talks for a fresh trading impetus as US traders return after the long weekend.

Stable, MemeCore, and Nexo are among the leading gainers in the crypto market over the last 24 hours, while Bitcoin remains below $70,000, suggesting renewed interest in altcoins among investors.

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

Major currency pairs traded little changed on Monday as stock and bond markets in the United States (US) remained closed due to the Presidents' Day holiday.