Since the beginning of the month the Japanese Yen has only traded downwards against the US dollar. Even with the shock move into negative rates territory by the Bank of Japan has been unable to exercise any lasting effect on weakening the JPY exchange rates. Saxo’s Head of FX Strategy John Hardy argues that this result should prevent the central banks from pondering a round of currency wars driven by a "race to the bottom" for the most negative interest rate. For now, it seems that USDJPY continues to have some negative pressure. Fibonacci retracements show just how low this currency could go. To know more about this trend in the Japanese currency, visit: (VIEW LINK)