If it was just the market, then the chart would have gone north a long time ago, but with Abe's three arrows, you'd basically be betting against the central bank of Japan.
I have not read the recent BOJ reports on their website, but that was the basic idea when I last had a look, (about 4 months ago).
Any thoughts ....? Looking forward to your opinion.
We can clearly see from the USDJPY chart that market forces are forcing the chart down, this just reflects the Japanese well known problem with the Yen strength. They have at various times intervened, but every time its been short lived. While the bank currently has the mandate... to keep the yen weak, e..g above 100 because it affects the Japanese companies so badly. For Toyota, who I speak to on a weekly basis, just one yen here of there affects their bottom line significantly, I think close to a billion Yen, if I remember correctly.
I think it would be best to see how the Abe experiment plays out and wait the price to cross beyond either of the yellow lines.
The question is how long can the BOJ keep this propped up? I think they can do that for quite a while this time... because Government just uses the money printed on construction projects and infrastructure, including prep for the Tokyo Olympics.