UsdJpy- Don't p..s against the wind!
Updated
If there has been a clear trend in the past two years, it has been the devaluation of the JPY. Despite some corrections, even very deep ones, the trend has always resumed, leading to new lows for the JPY.
One of these deeper corrections occurred at the end of last year, triggered, as always, by JPY repatriation.
However, as shown on the chart, the beginning of 2024 saw the resumption of the upward move. Only the BoJ intervention at the end of April and beginning of May at the 160 level stopped the ascent.
The chart shows that the pair has been acting very technically since then, with the drop stopping and reversing precisely at the horizontal support that was previously resistance.
Since then, USD/JPY has started making higher lows again and is now trading around 160.
Only time will tell if the BoJ will be determined to defend this level but, in my personal opinion, it is better to look to buy on dips (around 158) rather than sell at this resistance, hoping for another intervention.
One of these deeper corrections occurred at the end of last year, triggered, as always, by JPY repatriation.
However, as shown on the chart, the beginning of 2024 saw the resumption of the upward move. Only the BoJ intervention at the end of April and beginning of May at the 160 level stopped the ascent.
The chart shows that the pair has been acting very technically since then, with the drop stopping and reversing precisely at the horizontal support that was previously resistance.
Since then, USD/JPY has started making higher lows again and is now trading around 160.
Only time will tell if the BoJ will be determined to defend this level but, in my personal opinion, it is better to look to buy on dips (around 158) rather than sell at this resistance, hoping for another intervention.
Note
As suspected, USDJPY made new decades high.However, bulls need to start being careful
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