At the same time, several of the Bank of Japan's board members expressed a more cautious view on the economic outlook to reach a sustained 2% price stability target by fiscal 2015, according to minutes of the July policy meeting released on Wednesday.
In the Asian session, at GMT0300, the pair is trading at 102.62, with the USD trading tad lower from yesterday's close. The pair is expected to find support at 102.36, and a fall through could take it to the next support level of 102.09.
In the Asian session, at GMT0300, the pair is trading at 102.28, with the USD trading 0.11% lower from Friday's close. The pair is expected to find support at 102.03, and a fall through could take it to the next support level of 101.79.
This fact is significant because large speculators were heavily short the Japanese Yen (long USDJPY) headed into the week, and recent price action suggests many are losing patience with those positions and exiting their trades.
The Pound (GBP) advanced sharply against the Japanese Yen (JPY) on Wednesday after the latest Bank of England Minutes supported Sterling and as disappointing trade data weighed heavily upon the Japanese currency.
For the 24 hours to 23:00 GMT, the USD marginally strengthened against the JPY and closed at 102.48. Yesterday, global rating agency, Fitch Ratings indicated that the Japanese economy is �weathering� the recent sales tax hike, further cautioning that ...