USDJPY Chart Technical Outlook breaks lower overnight on Ueda’s comments
BoJ Governor Ueda says fully possible to seek an exit from stimulus while striving to achieve the 2% target, continues that the Bank of Japan will mull adjusting easing if they can achieve the price target and the chance of reaching the target is gradually rising (Newsquawk). The JPY has seen a strong rally overnight.
USD/JPY – bespoke support is located at 143.34 and 142.92. This is the medium-term focus. Using these levels as a projected 5th wave offers support close to 147.85. With a short-term barrier at 148.00, my preferred stance would be to sell into gains (2nd wave of a bearish Elliott Wave count). The reverse trendline resistance is located at 149.15. Bespoke resistance is located at 149.78.
Resistance: 149.15 (reverse trend line), 149.77 (bespoke), 150.89 (swing high)
Support: 148.00 (bespoke), 147.85 (projected first wave), 142.90 (projected 261.8%)
