USD/JPY Technicals Point Higher, but Intervention Risk Remains
From a purely technical perspective, USD/JPY remains in a well-defined uptrend that started just after Christmas. Over the last few weeks, the pair has carved out a clear ascending triangle pattern with resistance at 158.00, suggesting that a break above could quickly expose the 30+ year highs near 160.00.
The only fly in the proverbial ointment is the BOJ, which may look to intervene to cap the pair on a move toward 160.00, as it did in late April and early May. Overall, the technical bias remains bullish, especially if we break 158.00, but traders will want to plan for the risk of potential intervention with smaller position sizes or tight stops.
-MW
The only fly in the proverbial ointment is the BOJ, which may look to intervene to cap the pair on a move toward 160.00, as it did in late April and early May. Overall, the technical bias remains bullish, especially if we break 158.00, but traders will want to plan for the risk of potential intervention with smaller position sizes or tight stops.
-MW
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