The Yen has dropped in the morning versus its major rivals also because wasn’t impressed by the BOJ, technically, could drop more if the Nikkei will increase further in the upcoming days. The Yen was weakened by the Nikkei’s impressive jump, we’ll see what will happen on the JP225 because has shown some exhaustion signs on Wednesday, now has increased again and is approaching the 19320 yesterday’s high, a failure to hit new highs will send the rate down again.

The Nikkei could still try to approach a major broken dynamic support, a further increase will force the Yen to drop further versus the other major currencies. The Yen remains sluggish as the Bank of Japan has maintained the BOJ Policy Rate steady at -0.10%, matching expectations.

BOJ Governor Kuroda’s speech has failed to inspire the Yen, could drop much lower in the Us trading session if the Unite States data will come in better than expected. The US figures could bring life on the currency market, remains to see how the dollar will react because any disappointment will ruin the minor gains. Will be better to keep an eye on the economic calendar to see what will drive the pair in the afternoon.

Is still on a declining path on the short term, but now looks determined to pressure an important confluence area, a breakout through this area will attract more buyers, but is premature to say what will happed because the rate will be driven by the fundamental factors in the afternoon.

I’ve added a minor ascending pitchfork on the Daily chart, buy only a retest of the lower median line  will confirm a larger increase, I’ve said that we’ll have a great buying opportunity if the rate will retest the dynamic support, the upside target will be somewhere at the median line (ml) of the ascending pitchfork. However the rate could find  resistance also at the 23.6% retracement levels, will ignore those levels if will have enough energy to consolidate right above the 38.2% retracement level.