The Japanese Yen fell under greater pressure after the Bank of Japan announced another round fo quantitative easing last week. Even though the Japanese Yen started weakening instantly after another rally, the BOJ seems to be getting ready for another intervention in the currency market.
The Japanese currency is overvalued, which has a negative impact on Japanese exporters. That is why any further strengthening of the Japanese Yen will forces the Bank of Japan to respond efficiently.
Forex.
According to , the Japanese Yen keeps strengthening against the US Dollar. The experts report that USDJPY hasn’t still completed a big-scale downswing represented by wave А(С)/С of level Daily2.
A further downswing will probably meet support around 77.12 and 76.01. The bearish move will be completed as soon as the price overcomes the top of the MF sloping channel and consolidates above 79.01 (as shown below).
