Yesterday the Bank of Japan decided to expand its QE program by ¥10 trillion. It came as a surprise to everyone. According to Lee Hardman form BTMUFJ, such a step is mainly aimed at reducing the annual rate of inflation down to 1%. However, it won’t seriously affect USDJPY. Of course, the will be some effect. But it won’t be considerable.
According to the Department of Masterforex-V Trading System , the Japanese Yen keeps showing weakness against the US Dollar. The bullish wave A/B is not completed yet. At this point, the closest levels of resistance for USDJPY are 78.69, 78.89, 79.11. The upswing will be completed as soon as the price breaks below the MF sloping channel and pivot 77.35.
