The Bank of Japan is concerned that the eurozone crisis may result in major shocks for the global financial market, thus seriously affecting Japan’s financial system.
Some members of the BoJ’s Board of Governors assume that the central bank should be ready to stabilize the situation of the eurozone debt crisis eventually triggers the mentioned scenario. Nevertheless, during the latest meeting the Bank of Japan made no major steps.
In the meantime, according to the Department of Masterofrex-V Trading System, the Japanese Yen has already started declining versus the US Dollar. According to the experts, USDJPY has already formed a bullish FZR, thus starting wave A/B of wave level Weekly. At this point, the price is forming sub-wave A(C )/C . The closest levels of resistance is 79.99, 80.46/53, 81.03, 81.44. The long-term bearish pivot 81.44 is also worth paying attention to. The current upswing will be completed as soon as the price breaks below the MF sloping channel and pivot 78.17 (as shown below):
