By the middle of Thursday's London trading hours, the USD/JPY had hit the low level of 109.50.
In addition, during the decline that has been occurring since the Bank of Japan announcement on Tuesday the pair has passed the lower trend line of a channel up pattern.
Japanese Yen Appreciated on Raised Growth Forecast
On Tuesday, January 21, the Japanese Yen appreciated 45 pips or 0.41% against the US Dollar.
The advance was driven the BOJ Outlook Report release. According to the report, the Bank of Japan raised its economic growth forecasts, as well became carefully optimistic about the global outlook.
Meanwhile, other major central banks are only reconsidering their monetary policies.
Economic CalendarUSD/JPY short-term daily review
Yesterday, the USD/JPY currency pair passed the support of a channel up pattern near 109.80 and the weekly S1 pivot point at 109.71.Hourly Chart
Since Tuesday, 71% of open USD/JPY position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range 78% of pending orders were to sell and 22% were to buy. The orders had not changed since Monday.