Minimal effect of intervention

The USD/JPY has slip after touching the 160.00 region and it is suspected as an intervention during the trading holiday in Japan. However, the effect was quite minimal as the dollar/yen pair saw bullish strength at 151.972 support.

Going forward, USDJPY may head higher to test the immediate resistance at 151.70 before another round of sell-off occurs. mid to long term wise, we believe USD/JPY may head higher towards 162.71-163.74 resistance zone.

Kommentera:

USD/JPY rejects near 157.150 as expected and it appears to be a strong selling. Next support at 151.00 will be key.