USDJPY Chart Technical Outlook expects a period of consolidation into the BoJ rate decision
Reuters Survey (Mar 15): The poll showed 35% of economists expect the BoJ to end negative rates in March and 62% think April.
Bloomberg Survey (Mar 11): the poll showed 38% of 50 economists see a hike in March (vs 8% in the prior poll). 90% see a risk of an imminent hike.
It seems to be not a case of if but when the Bank of Japan ends the negative rate cycle.
Technical: We have bespoke support located at 143.48 and 143.26. The daily chart highlights a move to 143.24 forming the AB leg of a Bat pattern.
The intraday chart highlights the completion of an Elliott Wave count at 146.48. This would suggest that the current move higher is corrective. We are holding within a bullish channel formation. The trend line support is located at 147.92. The trend line resistance is located at 149.40.
Resistance: 149.20 (swing low), 149.40 (channel top), 150.89 (swing high)
Support: 148.26 (bespoke), 147.91 (channel base), 146.48 (swing low)
