Dynamics of the USD / JPY in recent days has been the most interesting. This pair reached 81.50 a couple of times yesterday. As a general observation in the last five days, the yen was the weakest among the major currencies (excluding U.S.). Comes to mind several explanations. Firstly, those who sold the USD / JPY probably cut some shorts before the Fed meeting and subsequent meeting of the Bank of Japan last night at the approximation of the level 80 to pair with which increases the risk of further intervention. Secondly, those who fear further dollar decline after Fed may move on to other currency pairs, where much lower prospects of large-scale interventions, such as EUR, GBP and AUD. Since most Asian central banks intervened at night, this left the pressure on the BOJ to follow the same course. There is a possibility that the BOJ will further expand its measures to maintain liquidity.
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