USD / JPY Yen fell to its lowest level in four months against the USD

The Japanese Yen fell to its lowest level in four months against the USD as the currency flirted with the 80.20 resistance level.  As I write this, USD/JPY is once again up near 80.20.  The move is due to speculation that the Bank of Japan will expand monetary stimulus at their meeting next week.  A news item in the Nikkei newspaper reported that the BOJ will look to increase their asset purchase program by 10 trillion JPY, bringing the purchase amount to 90 trillion JPY.  According to traders, if the BOJ eases after the FED and ECB didn’t the market would sell JPY.

USD/JPY intraday: further advance.

Pivot: 79.65. Our preference: LONG positions above 79.65 with 80.1 & 80.35 in sight. Alternative scenario: The downside penetration of 79.65 will call for a slide towards 79.4 & 79.1. Comment: the pair remains on the upside and is challenging its resistance.

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