Bank of Japan intervention threats triggered a sharp USD/JPY drop to critical trend support near 155.00. Technical levels suggest a potential rebound toward 157.70, while a break lower risks further declines toward 153.00.
USDJPY managed to hit a fast drop after the Bank of Japan threatened to intervene in the market to back up the currency. As we see from the chart, prices managed to test the trend support around 155.00-60 which could lead to a trading zone towards the resistance at 157.50-70. Below 155.00 more of a drop toward 153.00 will be expected. Above 157.70 more advance will be expected with resistance at 160.20-60.
SUPPORT
RESISTANCE
LEVEL1
155.00-60
157.50-70
LEVEL2
153.00
160.20-60
LEVEL3
152.00
161.95
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