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USD/JPY Moves Towards 148, Will The BOJ Intervene?

Published 09/14/2022, 03:59 AM
Updated 07/09/2023, 06:31 AM
USD/JPY
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The bulls are nervous on USD/JPY as they expect the BoJ to repeat intervention on the FX markets because of weak JPY, which is not good for imports. Technically, we see pair trapped in a wave four consolidation, which can be a flat or a triangle as first leg A and then B unfolded in three legs.

We still think that the current price move in the 141-145 range is a correction that belongs to an ongoing uptrend. We see an important level around 148, especially considering levels back in 1998. We believe that USD/JPY is in some very late stages of a recent recovery, but the short-term structure is not showing a top yet.

Long-term Chart Approaches Resistance:

USD/JPY monthly price chart.

Short-Term Outlook Suggests Consolidation:

USD/JPY hourly price chart.

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