The yen fell sharply against majors after the BoJ intervened in Foreign Exchange market for the second time this year and third time in six years to halt the yen's appreciations.

The decision came one day after the Swiss National Bank decided to cut interest rate and said will increase the supply of francs in the market over the next few days to halt the franc's rise which is deemed as overvalued according to the SNB which pledged of further measures if necessary.

While the SNB's actions was unexpected, the BoJ's unilateral intervention was predicted by some analysts as the latest announcements by Japanese officials referred that the yen's current level is threatening Japan's growth as the economy is still suffering from the negative effects of the devastating quake that hit the nation in March.

Following the interventions, the yen recorded the sharpest drop against the dollar since October 2008.

Concerning the USD/JPY pair, it surged on the daily basis, rebounding from four-month low, to trade at 79.83 after touching a high of 80.23 and a low of 76.96.

The trading range for today is among key support at 77.10 and key resistance now at 81.45.

The dollar is showing advance against major currencies as the dollar index inclined to 74.83 compared with the day's opening level of 74.02.

Concerning the EUR/CHF pair, it soared slightly to trade around 1.1050, recording a high of 1.1138 a low of 1.1011.

Still, there are debt woes in the euro area in spite of the announced second bailout package for Greece as the Italian and Spanish bond yield continued to surge to record high versus German bunds on political tensions.

Later in the day, the ECB is predicted to halt monetary tightening through leaving interest rate steady at 1.50%.

Moving to the British pound versus the dollar, it retreated to 1.6347, where the BoE rate decision had slight effect on the pair's movements as it came in line with expectations.

The BoE opted to leave both interest rate and APF quantity unchanged in August at 0.50% and 200 billion pounds, to boost the sluggish growth pace.

So far, the pair has recorded a high of 1.6438 while the lowest level was depicted at 1.6284, whereas the trading range for today is among key support at 1.6075 and key resistance at 1.6630.