The yen puts the dollar under pressure for a more accommodative policy across the Atlantic than on the Japanese archipelago, although the progression of the Japanese currency is still limited by the threat of intervention by a vigilant government.

The Bank of Japan (BoJ) decided to maintain its program of asset purchases to 70 trillion yen. Despite calls from leaders and members in more measures to counter deflation, the monetary authority has simply made an adjustment by increasing the five trillion yen purchases of Treasury bills while reducing an equivalent amount of its grants of fixed rate loans.

Conversely, the possibility of a third quantitative easing by the Federal Reserve made its way onto the market after Bernanke's speech to Congress, according to which the institution was considering new measures if the labor market did not straighten.

According to JP Morgan Chase, the level of the USD / JPY remains high compared to U.S. rates, while many analysts believe there is a correlation between their evolutions.

In contrast, Jun Azumi, Japanese Finance Minister, the recent rise of the yen does not reflect the fundamentals of the country and he confirmed that his ministry will intervene if the need arise. While it is unlikely the government to act before a rupture annual lows, the mere mention surveillance of exchange rates has skillfully strongest bearish impulses on the pair.

Graphically, the short-term trend has not spared the buyers and the threshold of JPY 76.15, which can be defended by Japanese authorities, seems now accessible despite the caution operators. The most aggressive investors can take short position at JPY 79 . For the most conservative, we advise to stay away from parity.