USD/JPY: Yen's strength unstoppable? - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY bounced modestly at the beginning of the day, rising up to 102.68 before settling around 102.30.

Key Quotes:

"Japanese Prime Minister, Shinzo Abe, is expected to announce the details of the ¥28T stimulus package, aimed to bolster the local economy sometime this week, but seems unlikely the news will be enough now to reverse yen's strength, as Abe hinted much of such stimulus package in a speech last week."

"The pair has been mostly consolidating its latest losses, below a major static resistance, the 61.8% retracement of its latest daily advance at 102.85."

"The bearish pressure may ease on a recovery beyond this level, but in the meantime, the bias is towards the downside."