The Japanese yen weakens as the BoJ remains resolutely dovish. The pair has seen increasing pressure after it broke below October’s low of 141.00. 144.70 at the start of the previous bearish push is a major obstacle. A bullish breakout may propel the pair above 146.00, putting the uptrend back on track for the weeks to come. However, if buyers fail to clear it the single currency could head back south. A drop below 143.20 would trigger renewed selling towards 142.00 which is a critical level to keep the current rebound valid.
