Source: ForexYard
The Japanese yen is holding up strong against the USD as Wednesday afternoon trading progresses. Analysts are speculating that the JPY has finally bottomed out against the dollar and see a possible uptrend as the purchasing of Japanese exports returns back to form. The yen is trading near $80.75 as of this morning. The yen is approaching the psychologically significant $80 mark as the Bank of Japan’s decision to inject millions into the economy is showing moderate signs of success. In addition to the recent upsurge against the greenback, the yen is also maintaining its ground against the euro. Currently, the yen is hovering near 106.06.
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