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- USDJPY Price Analysis: At a crossroads, traders cautious on BoJ, will they or won't they?
USDJPY Price Analysis: At a crossroads, traders cautious on BoJ, will they or won't they?
- USDJPY rising into BoJ intervention territories.
- The pair is in no man's land between 148.70 and 146.20, risks are balanced.
USDJPY has been climbing on the day, rising 0.26% to a current 148.30 at the time of writing, travelling between 147.11 the low to 148.45 so far. Meanwhile, traders continue to watch for any further official intervention to shore up the battered Japanese currency. The overall picture for USDJPY is a mixed one from a daily perspective as the price trades between no man's land, 148.70 and 146.20:
USDJPY daily chart
As illustrated, the price is wedged into a coil between the said levels in the main with a current bias to the upside on a break of 148.70. However, as the following near-term charts will show, there is the threat of intervention from the Bank of Japan, BoJ.
USDJPY H1 charts
The price is climbing towards prior highs and this raises the prospects of intervention from the BoJ/Ministry of Finance, MoF. Therefore, given that the price is on the backside of the prior trend, there are prospects of a switch-up to the downside, as follows:
There has already been a break of structure, (BoS), so failures below the current resistance of 149.00 could see a significant drop below 147.00 to target 145.00.
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