After four trading sessions in a row, the $USDJPY currency pair moved on its impact, amid profit-taking sales, and it moved towards the 126.92 level.
The currency pair USD/JPY moved towards the resistance level 128.50 at the time of writing the analysis.
The Japanese yen rose against the euro and the Norwegian krone on Wednesday but fell against most other major currencies as the forex market pondered the possibility of a disruption to Russian energy supplies to "unfriendly countries". However, the burden of these returns - or the gap between them and their Japanese equivalent - will return to focus Thursday when the Bank of Japan prepares to announce its latest monetary policy decision. Commenting on this, John Hardy, FX analyst at Saxo Bank, said: "While very few expect a turnaround, it would not take much to suggest that the pressure on the BoJ through the weak currency is becoming too strong to ignore.
The depreciation of the Japanese currency linked to the yield differential has prompted repeated expressions of concern from the Ministry of Finance and fueled market speculation about a possible intervention in order to calm the decline of the yen.
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