Usd/jpy - page 2
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The natural direction, notwithstanding the recent jump off of 88, is for the yen to continue to appreciate relative to the dollar. If the BoJ starts buying dollars then it is fighting the market in order to try and support a weaker yen - sustainable for some time, but not long term. I think there are easier pairs at this time, no need to force something as the near term situation looks more convoluted than other pairs.
As the greenback has continued to move higher, suggesting gain towards 91.63 is likely, however, as outlook is still consolidative, upside should be limited to 92.00 and further choppy trading below 92.33 resistance would take place, bring another retreat later, however, support at 89.18 should remain intact and dollar should stage a strong rebound from there later this week.
In view of the above analysis, we are trading both sides of the market, selling on further rise for 90.00 or buy on subsequent retreat. Only below support at 89.18 would risk weakness to 88.83 but recent low at 88.01 should hold.[actionforex]
Excel_USDJPY_60min_091105.xls
Finance Minister Noda said it's too early to start unwinding fiscal stimulus measures aimed at turning around the economy. It's not in a stage that the exit strategy can be implemented.