Suzuki defended Japan’s monetary policy, saying it only sought to stabilize prices, not weaken the yen. Policymakers are concerned about the yen’s weakness and its impact on the cost of living. Japan is intervening more in the FX market with short-lived results. Today’s USD/JPY forecast is bearish as the yen strengthens after Japan’s intervention to support its weak currency. Shunichi Suzuki, the finance minister of Japan, stated on Tuesday that there was no conflict in policy between his ministry’s purchase of yen to strengthen the currency and the Bank of Japan’s (BOJ) printing of money to maintain its ultra-loose monetary policy. He claimed that the central bank’s strategy did not target particular currencies but sought to stabilize prices. –Are you interested to learn more about ECN brokers? Check our detailed guide- To assist the frail economy, the BOJ plans to maintain ultra-low interest rates during its two-day policy meeting on Friday, even if it means accelerating the yen’s unwanted decline to fresh 32-year lows. Policymakers have expressed concerns regarding the effect of a weak yen on living expenses. Investors view the BOJ as an outlier since it has maintained ultra-low interest rates while other central banks have lifted rates to tackle rising inflation. Japan has been making yen purchases to protect the currency against significant losses brought on by the growing gap between Japanese and American interest rates. The so-called “stealth” interventions by the authorities, which came quickly after one another, have shown their determination to combat what they have dubbed “intolerable and speculative” yen-selling. However, the results have been fleeting. USD/JPY key events today Investors await the Bank of Japan outlook report to shed light on the BoJ’s perspective on inflation and economic conditions, two important variables that will affect how monetary policy is implemented. There will also be a new home sales report from the US. Get FREE Forex Signals Now! USD/JPY technical forecast: Bearish engulfing candle initiates downtrend Looking at the 4-hour chart, we see the price trading below the 30-SMA and the RSI below 50, showing a shift in sentiment to bearish. The bullish trend could not go beyond the 151.76 level. At this point, bears returned with so much momentum, as seen in the engulfing candle. –Are you interested to learn more about making money in forex? Check our detailed guide- The price broke below the 30-SMA and has since retested it. If bears can maintain this sudden boost in momentum, the price will likely take out the 147.05 support and make a new lower low. Such an occurrence would confirm the bearish trend. Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next EUR/USD Price Breaks Above Parity Ahead of ECB Data Olimpiu Tuns 1 month Suzuki defended Japan's monetary policy, saying it only sought to stabilize prices, not weaken the yen. Policymakers are concerned about the yen's weakness and its impact on the cost of living. Japan is intervening more in the FX market with short-lived results. Today's USD/JPY forecast is bearish as the yen strengthens after Japan's intervention to support its weak currency. Shunichi Suzuki, the finance minister of Japan, stated on Tuesday that there was no conflict in policy between his ministry's purchase of yen to strengthen the currency and the Bank of Japan's (BOJ) printing of money to maintain its ultra-loose monetary… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.