Jakarta, USD/JPY Today – The yen weakened against the US dollar to a one-week high in Asian session trading boosted by the Bank of Japan's (BoJ) statement that it will continue ultra-loose policy. Where the US dollar strengthened by 0.67 percent against the yen to 134.40 in Asian trade, the most since December 20, 2022.usd/jpy today Previously, the Japanese yen currency experienced its biggest one-day rally against the US dollar in 24 years amid rising yields on Japanese government bonds for 10-year tenors.

However, the BoJ's change in stance is aimed at the smooth functioning of the Japanese government bond market, not to change the policy trajectory, according to the views of policymakers in the minutes of the December meeting. Citing Reuters, Greg Anderson, who is a chief global foreign exchange strategist at BMO Capital Markets in New York, said if Japanese bond yields remain stable, there is likely no further pressure to take other policy measures today.

"They can keep repeating what they said at the press conference: this is just a small technical adjustment. We've done it before; there's nothing to see here, man," Anderson added. Fundamentally, the USD/JPY pair was eroded by the latest statement from the central bank of Jerpang which remained on its accommodative monetary policy. Then how technically, see the following analysis: Technical Analysis

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The USD/JPY pair has a chance to rise further, with a double bottom pattern formed in the 30-minute period. While the Gravestone and Hammer doji candlestick patterns confirm for further gains or rebounds.usd/jpy Today On the other hand, the RSI indicator is still showing an upward movement, trying to poke the 70 level. In addition, the chart that is still above the MA200 line also supports the Japanese yen to remain on an upward or bullish path. The analysis from GIC is a fundamental and technical view used by the author, not a suggestion or invitation.