The Japanese currency has declined against its all major counterparts at the first day trading this week, after the expectations indicate that the Bank of Japan will keep its monetary stimulus unchanged steady, while the Bank will tighten elsewhere.
This week, the Bank the Bank of Japan will hold its benchmark interest rate at a range of between zero and 0.1% at its April 28. The central bank may cut its forecast for real growth in fiscal 2011 to 0.8 percent from 1.6 percent as a result of a record earthquake on March 11.
The USD/JPY pair inclined, which trades around 82.31 after recorded the highest level at 82.41 and the lowest level at 81.99. On the other hand, the daily momentum indicators show the pair in an oversold area, where the four hours indicators still give buying signs.