The yen nosedived after the Bank of Japan vowed to keep its interest rates ultra-low.
The dollar’s surge above the top range (129.30) of the recent consolidation forced early sellers to cover and switch sides. This breakout confirms the MA cross as an indication of a bullish acceleration.
Strong momentum suggests a combination of short-covering and fresh buying. The uptrend may resume towards 132.00 even though an overbought RSI could cause a temporary fallback. 128.30 at the base of the rally is the first support.
