Sessions like yesterday's, where the dollar gains relatively, lead to sharp losses for the yen as well.
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Despite Japan's growth data coming in lower than expected, the yen appreciated, causing the currency pair to fall below the critical support level of 155.00.
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While USD/JPY has experienced two quiet days, there is no clear sign yet that the corrective movement has ended.
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The Japanese yen's downward trend since reaching 152.00 continues despite the Bank of Japan's efforts to control the exchange rate and officials' statements.
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Despite the Bank of Japan's spending of approximately $60 billion last week to intervene in the currency pair, USD/JPY has seen a rebound of about 200 pips following its retreat to the support level of 152.00.
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Following the intervention by the Bank of Japan at the 160 level, the rally in USD/JPY, which had been ongoing since 152, took a pause, with the Japanese Yen gaining strength for the third consecutive day.
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After a sideways movement following the intervention by the BoJ, USD/JPY concluded with a minor upward trend towards the upper channel band.
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USD/JPY experienced a consolidation phase after intervention by the BoJ yesterday, resulting in relatively flat movements during both yesterday's and today's Asian sessions.
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The Bank of Japan's decision to keep interest rates unchanged and maintain its bond-buying program as announced at GMT 03:00.
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