USD/JPY hit 83.95 on Friday, the pair’s highest since March 21; the pair subsequently consolidated at 83.49 by close of trade, 1.17% higher for the week.
The pair is likely to find support at 82.47, and resistance at 83.95.
The yen pared losses against the dollar ahead of Japanese general elections on Sunday, which are expected to result in growing political pressure on the BoJ to step up monetary stimulus measures.
Japanese opposition leader Shinzo Abe, who is widely expected to become the new prime minister, has called for more easing by the BoJ in order to spur growth.
Meanwhile, weak U.S. inflation data warranted continued monetary easing by the Federal Reserve.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.
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