Forex analytics and overview
USD/JPY Moves Towards 148, Will The BOJ Intervene?
2022.09.14 07:59
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The bulls are nervous on 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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