Japanese yen holds firmer as traders digest Japan election ...Middle East

And more often than not, that tends to lead to a stronger yen - at least initially. But taking in the current predicament, it's going to be a tricky one. Ultimately, the larger trend for the currency is going to be dictated by the BOJ's plans especially on rates.

However, what is it that the charts are saying at the moment?

However, the 200-hour moving average (blue line) at 147.67 currently still offers a good supportive region for the pair. Hold above that and buyers will still be in it to try and shout back. But if we do break below, then the near-term bias turns more bearish and there is scope for the downside momentum to extend a bit more towards 147.00 next.

This article was written by Justin Low at investinglive.com.

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