JPY Long Bias is Available

USD/JPY daily chart, source: forexfactory.com

USD/JPY which has declined since last year tries to rebound. There was the adjustment against the downward in April, and it looks like repeating the pattern in this month, too. But the currency pair has dropped its peaks since last year, it means strong Japanese Yen. In last month it tried the rebound(strong US Dollar) but failed to raise its peaks, and continued its trend. Therefore it is reasonable to watch the market in the adjustment, and need to check whether it break the peak in April, I guess.

USD/JPY 4-hour chart, source: forexfactory.com

In 4-hour chart it is explicit of the upward trend of USD/JPY pair, it means strong US Dollar. On May 3 it made the bottom and turned its direction raising its bottoms. In my experience, there is the possibility that the upward trend in the short term meets end and enters the adjustment term.

We need to watch more carefully the opinions of economic headers than analyze the chart technically. 'Abenomics', economy policy of Japanese Cabinet is based on the weak Yen, strong Dollar. And Haruhiko Kuroda, president of Bank of Japan decided the minus benchmark index to stimulate the corporations' action. They support the weak Yen.

Yen, however, has kept long despite the economy teams' desire. The depression in world economy needed Yen evaluated as the safety asset like US Dollar. As watching the chart, Yen keeps the upward trend but there are the rebounding terms periodically. U.S. team doubts that the Tokyo team intervenes the FX market. From the statements from Tokyo, U.S. suspicion has justice in some measure. The G7 meeting held in Sendai, Japan on Friday and Saturday, U.S. Secretary of the Treasury Jacob Lew warned the intervention of Japanese government to the foreign exchange market.