USD/JPY attempts to rebound after the recent pullback, which was driven by profit-taking. Traders are cautious amid intervention risks. However, it remains to be seen whether the Bank of Japan has sufficient firepower to scare bulls. Previous attempts to provide support to the Japanese yen failed, and the Japanese currency tested multi-decade lows.
From the technical point of view, USD/JPY is trying to settle back above the resistance at 161.50 – 162.00. In case this attempt is successful, USD/JPY will move towards recent highs at 162.80. A move above 162.80 will open the way to the test of the 165.00 level.
Source: Original Article
