According to Hidetoshi Hamedzaki, a member of the Bank of Japan’s MPC, Japan is on the verge of an economic crisis. In January 2012 Japan’s external trade deficit reached ¥1,475 – the highest level since 1979. Lower demand in Europe and stronger yen seriously affected the export-oriented Japanese economy.
On Feb 14th 2012 the Bank of Japan decided to expand its QE program by ¥10 trillion up to ¥65 trillion in order to preserve low interest rates and fight inflation.
According to the Department of Masterforex-V Trading System , USDJPY is in uptrend. A break above 81.65 will elongate the current wave. The current levels of resistance are 81.75, 82.06. Once the price breaks below 80.00, USDJPY will resume wave B(C ). The closest levels of support are the MF sloping channel and pivot 79.84
