Outlook on USDJPY
Technical Perspective
USDJPY is testing the 158.50 support, which coincides with the ascending trend line and 38.2% Fibonacci retracement. The price remains in an uptrend with the formation of higher swing points.
If USDJPY regains its bullish momentum and rebounds above the 158.50 support, a rise towards the 161.80 resistance and 61.8% Fibonacci extension might occur. Upon breaching above 161.80, there is potential for an extended rally towards 164.50 and the 100% Fibonacci extension.
Conversely, a breakout of the ascending trend line and 158.50 support could prompt a further decline towards the 78.6% retracement and 154.80 support zone.
Fundamental Perspective:
The yen surged over 2% against the dollar amid speculation of currency intervention, although officials did not confirm this. Reports indicated that the BoJ conducted rate checks due to heightened market activity, with the last reported checks occurring in Sep 2022, shortly before actual intervention.
Nonetheless, sustained yen strength will depend on changes in the BoJ's monetary policies, with a focus on the central bank's upcoming bond purchase tapering at the end of the month.
USDJPY is testing the 158.50 support, which coincides with the ascending trend line and 38.2% Fibonacci retracement. The price remains in an uptrend with the formation of higher swing points.
If USDJPY regains its bullish momentum and rebounds above the 158.50 support, a rise towards the 161.80 resistance and 61.8% Fibonacci extension might occur. Upon breaching above 161.80, there is potential for an extended rally towards 164.50 and the 100% Fibonacci extension.
Conversely, a breakout of the ascending trend line and 158.50 support could prompt a further decline towards the 78.6% retracement and 154.80 support zone.
Fundamental Perspective:
The yen surged over 2% against the dollar amid speculation of currency intervention, although officials did not confirm this. Reports indicated that the BoJ conducted rate checks due to heightened market activity, with the last reported checks occurring in Sep 2022, shortly before actual intervention.
Nonetheless, sustained yen strength will depend on changes in the BoJ's monetary policies, with a focus on the central bank's upcoming bond purchase tapering at the end of the month.
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