USDJPY Chart Technical Outlook the confluence level is located at 154.18
The Bank of Japan governor Ueda, has been on the wires overnight. He said if underlying inflation moves as the BoJ project, the bank will adjust the degree of monetary support. Another note of interest was that they are ready to conduct nimble market operations if there are sharp rises in long-term rates. JPY has moved to the upside.
USD/JPY – the intraday chart highlights the pair moving from higher highs and higher lows to lower highs and lower lows (change of structure). The most important factor is the 261.8% Fibonacci extension level lines up with bespoke support at 154.18.
Resistance: 156.37 (swing low May 30), 157.19 (bespoke), 157.48 (strong swing high)
Support: 155.95 (yesterday’s base), 155.52 (161.8% extension), 154.18 (confluence)
