Forex news, rate of yen. According to the analytics of BNP Paribas, interventions from the Bank of Japan are possible. Such opinion is based on equal situation with EURJPY and USDJPY currency pairs on the eve of intervention on 31/10/2011.
According to BNP Paribas, sharp criticism on the actions of Japanese government when it was controlling the rise of yen rate at the end of October ought not to become a constraining factor in case of necessity. One way or another, Japanese government will express its opinion about the current rise of Japanese yen when holidays are officially over in Japan. In general, BNP Paribas is expecting Japanese currency to keep rising, stating that their predictions may, however, undergo change due to interventions from the Bank of Japan.
Rate of yen has stopped rising, having started implementing the bullish scenario dated 04/01/2012. According to the experts of the Department of Мasterforex-V Trading System, current bullish trend is provided by wave А/В of Н2 level. The nearest resistance is provided by Fibonacci points 77.18/21, and 77.40, as well as sloping channel MF. The rising trend is being protected by sloping channel MF and pivot MF 76.69; if these points are passed, there is likely to appear a new bearish wave А that will stipulate further decline.
