According to Masafumi Yamamoto, chief currency strategist at Barclays Plc in Tokyo, the Japanese Yen will remain weak for some time due to numerous factors. Japan’s credit rating is under threat amid political and economic instability in the country. Japan will keep experiencing political pressure in advance of elections. Even if there is considerable demand for the Japanese currency, it will only cause a slight recovery prior to further downtrend.
Barclays Capital’s USDJPY forecast remains unchanged: 78.00 – a month, 80.00 – 3 months, 82.00 – 6 months, 84.00 – a year.
According to the Department of Masterforex-V Trading System , the Japanese Yen keeps declining in the form of wave С. USDJPY has started an upswing – wave А(С)/С. The closest levels of resistance are 83.23, 84.08. The current rally will be over after the price breaks through MF sloping channel and pivot 80.57.
