The Japanese Yen was bearish in advance of the 2-day meeting started by the Bank of Japan on Tuesday. Investors expected the Bank of Japan to follow the Federal Reserve’s example and expand its bond purchase program.
A new round of quantitative easing will exert extra pressure on the Japanese currency. Therefore, some bulls decided to reduce exposure or to leave the market at all.
Forex.
According to , USDJPY is finishing a big-scale downswing represented by wave А(С)/С of level Daily2.
A further downswing will probably have difficulty overcoming 77.12 and 76.02.. The current 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).
