USDJPY | $50 Billion Interventions Wasted? | 13-17/5/2024

The published minutes of the BoJ meeting show that most board members took a “hawkish” stance, calling for a rate hike. However, many analysts believe that the Bank of Japan will take only one such step in the second half of the year.

Technical Analysis

USD/JPY rally is set to continue, as momentum is on the side of buyers, as depicted by the Relative Strength Index (RSI). That, along with prices standing above the Ichimoku Cloud, could pave the way for bulls to challenge 156.2 in the near term. On the other hand, a drop below 155.78 could pave the way to challenge 155.22, followed 154.92.