USDJPY Chart Technical Outlook intervention could see a drive lower to 149.95
The BoJ (Bank of Japan) Governor said they won’t comment on specific FX moves and levels but noted that FX moves have a big impact on the economy and prices. Board Member Tamura added that FX should move stably reflecting economic fundamentals. With USD/JPY close to the October 22 high of 151.95, we witnessed heightened volatility due to fear of possible intervention.
Correlation studies would suggest buying deep dips in USDJPY.
USD/JPY – the pair continues to consolidate with spikes in both directions for the last six trading days. We have bespoke support located at 148.95. 148.97 is the projected AB leg of a Bat formation.
Resistance: 151.72 (supply), 151.95 (October 22 peak), 151.97 (swing high),
Support: 150.50(bespoke), 148.95 (AB), 147.11 (88.6%)
