The Japanese Yen may continue to plunge against the U.S. dollar if the Bank of Japan and Federal Reserve’s policies continue their deviation, said Wells Fargo Securities’ Brendan McKenna.

“We certainly see a move up through 130, we think that’s definitely possible,” McKenna told CNBC’s “Squawk Box Asia” on Wednesday.

“Assuming BOJ policymakers stay committed to their easy monetary policy ... framework, we think a move up towards maybe 135 [yen per dollar] could be likely within the very near future,” the foreign exchange strategist said.

The yen declined nearly 6% against the greenback in March and is still conceiving losses in April.

On Wednesday, the yen saw a small recovery in contrast to the dollar after the Bank of Japan said it would offer to buy an unlimited amount of 10-year Japanese government bonds at 0.25%. It last traded around 128.20 per dollar, about a 5% decline against the greenback in April.

However, Bank of Singapore’s Sim Moh Siong says the Japanese currency is “still quite some distance from the alarm bells really setting off.”

For now, the Bank of Japan appears prepared to “stay dovish by buying an unlimited amount of bonds,” he said.

“If you look at the historical episodes ... the intervention level tends to cluster around the 127 to 132 levels,” he said. “I suspect we probably need a higher level in terms of dollar-yen to prompt intervention.”