USDJPY trendline test
USD/JPY snapped back from 160.00 last week and it's highly-suspected to have been driven by intervention.
When the BoJ last intervened in late-April and early-May, the pair retraced more than 800 pips before finding support at prior resistance, with bulls resuming the prior trend. With rollover still positive on the long side and negative on the short side, there remains motive for the trend.
The bigger question at this point is whether longs that have been in the trade for a while are second-guessing the move.
At this point, there's support at a bullish trendline taken from last December and this March's swing lows. There's also the 157.50 psychological level confluent with that support.
Below that, deeper support potential exists at the 155 and 152 levels while resistance is well-defined at the same 160 spot that the Bank of Japan had previously defended.
- js
When the BoJ last intervened in late-April and early-May, the pair retraced more than 800 pips before finding support at prior resistance, with bulls resuming the prior trend. With rollover still positive on the long side and negative on the short side, there remains motive for the trend.
The bigger question at this point is whether longs that have been in the trade for a while are second-guessing the move.
At this point, there's support at a bullish trendline taken from last December and this March's swing lows. There's also the 157.50 psychological level confluent with that support.
Below that, deeper support potential exists at the 155 and 152 levels while resistance is well-defined at the same 160 spot that the Bank of Japan had previously defended.
- js
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