Yesterday, we were anticipating that the USDJPY could trade lower on further weakness of the DXY.
However, as the DXY strengthened, we see the USDJPY trade higher to approach the key resistance level of 151.70.
Expect to see choppy price action at this level, but the overall directional bias should see the USDJPY retest the resistance level and possibly even 152 before a possible reversal (either due to an intervention from the BoJ or just due to an accumulation of sell orders at the resistance level)
However, as the DXY strengthened, we see the USDJPY trade higher to approach the key resistance level of 151.70.
Expect to see choppy price action at this level, but the overall directional bias should see the USDJPY retest the resistance level and possibly even 152 before a possible reversal (either due to an intervention from the BoJ or just due to an accumulation of sell orders at the resistance level)
