USD/JPY – Intervention or Not Yet?
Since the intervention by the Japanese authorities in early May, USD/JPY has resumed its upward trend and is now trading near multi-year highs.
It remains unclear whether the Japanese authorities will tolerate further yen depreciation. USD/JPY could continue moving toward 165, although "bold action" may be taken if the pair rises above 164.
From a strategic perspective, any intervention would need to be decisive and coordinated to push the pair back toward the 155–156 range seen at the beginning of May, or at least below 160. Otherwise, with the Federal Reserve and Bank of Japan meetings scheduled for next week, the possibility of new highs in USD/JPY cannot be ruled out.
Key resistance:
164–165 area, which represents both a psychological barrier and an important options-related level.
Key support levels:
162.00, 161.50, 160.00, 159.30, and the 155–157 area.
By Born2trade market research department
Risk Disclaimer: All research and/or forecasts above reflect the author's personal opinion and cannot be treated as trading advice. Born2trade is not responsible for any trading results based on any information in this article. Trading Forex and CFDs carries a high level of risk to your capital. You may lose all of your invested funds. Forex and CFD trading may not be suitable for all investors. Please ensure that you fully understand the risks involved and, if necessary, seek independent advice.
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