The Bank of Japan is suspected to have intervened in "propping" up their currency. This is when a central bank buys its own currency to prevent it from a free fall. However, this solution is a like a small bandage on a gaping wound and the Japanese yen will continue its bearish momentum.
Over the past week the USDJPY has dropped by over 5% as a result of this intervention by the BOJ.
USDJPY is nearing the 61.8% Fib level.
The dollars strength will outperform the yen over the coming weeks!
Over the past week the USDJPY has dropped by over 5% as a result of this intervention by the BOJ.
USDJPY is nearing the 61.8% Fib level.
The dollars strength will outperform the yen over the coming weeks!