Breaking out of the short-term triangle pattern, USD/JPY hit its target but faced selling pressure afterward.
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Despite the yen's decline, the currency pair has shown minimal response to the producer inflation data, which remained unchanged from last year.
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The Bank of Japan's move to purchase a lower amount of bonds than its previous acquisition led to gains in both the 10-year bonds and the yen.
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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 Bank of Japan closely monitors the currency pair to counter upward inflation risks due to the yen's depreciation continuing without gaining momentum while the yen's further depreciation will probably depend on the data that will be released in the US today and tomorrow.
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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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Last week, the Japanese yen retraced back to the 152.00 psychological resistance level it broke, completing a retest.
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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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