Published by Zeb BhamThe US dollar was resilient against the yen this morning (July 20th) but was still close to a seven-month low hit last week.Forex brokers were awaiting a statement from Japanese policymakers to shape their trading strategy.There is growing speculation that the Bank of Japan may take steps to undermine a stronger yen.Speaking to Reuters, a trader at a major Japanese financial institution commented: "I guess the authorities will be nervous. There will be verbal intervention or they might do rate-checks as they did before. But I don't think they can do actual intervention."Despite nervousness about direct intervention, traders also recognise that there are a number of factors dampening demand for the dollar, such as treasury yields and weak housing market data.Federal Reserve chairman Ben Bernanke will also testify before the Senate Banking Committee later this week, where politicians and the markets will want clarification on the dovish tone of the bank's last rate decision.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site