USDJPY trading lower ahead of BoJ’s possible attempt to hit other central banks. According to Financial Times, if BoJ’s stakes go too far, central bankers fear a vicious circle in which the yen weakens. On an hourly basis the yen broke the support level of 80.82, which may lead to further declines to 80.26, the lows of April 17.
On a daily basis the pair has just entered the Ichimoku cloud indicating a wait-and-see situation after the gains that we saw in February and March, which was followed by minor drops. USDJPY is trading in a wide range of 81.44 – 80.74.
By Kiana Danial