USD/JPY (current price: 104.51)
The pair also opened higher today, as it tracked the movements of the Pound, but it remains below key resistance levels for now. The Japanese Finance Minister told the press the Japanese authorities are ready to intervene, as they see the Yen’s advance as “one-sided and speculative”. The Bank of Japan’s failed to reverse the gains of the Yen last week, as the central bank didn’t announce any new monetary measures to boost inflation and GDP growth in Japan. The pair is still trading close to its 20-month lows after breaking below the crucial 105.50 level on Thursday.
Our assessment: USD/JPY is possibly headed to test the long-term support near 100.80, as it still trades in steep declining trend channel, with the 200-day MA still found at 116.
