USDJPY Chart Technical Outlook corrects lower towards 155.50 on profit-taking
USD/JPY’s broad bias is bullish on weaker Yen, but momentum has faded after last month’s BoJ intervention. Prices have stalled close to the previous week’s high. Hawkish rhetoric from the Fed officials keeps the pair on the front foot. There are more scheduled Fed speakers later in the day ahead of tomorrow’s FOMC minutes.
I expect mild losses towards 156.00 and yesterday’s low at 155.50 to limit the correction. The resistance zone is located at 156.50-75.
