Forex Analysis by Investing.com (Damian Nowiszewski) covering: USD/JPY, US Dollar Index Futures. Read Investing.com (Damian Nowiszewski)'s latest article on Investing.com
Don't expect a quick reversal - slow BOJ hikes unlikely to dent USD/JPY strength in the near future.looks set to weaken further, as the USD/JPY currency pair breached the psychologically significant 160 yen per dollar level. This trend is fueled by the stark difference in monetary policies between the Bank of Japan and the US Federal Reserve.
Adding to the Yen's woes, remarks from Japanese government officials hinting at potential currency interventions haven't had any effect on the currency. Historically, such intervention attempts have proven ineffective, offering only temporary relief for the Yen.growth hovering around 0% and inflation stuck between 2-3% limit the BOJ's room for maneuvering, pushing the Yen towards further depreciation.
If the 160 yen support level is breached and the upward trend line is broken, the next support level is at 157 yen per dollar. More substantial declines could occur if the Bank of Japan adopts a hawkish stance in its upcoming meeting at the end of the month.
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