Last week's pullback in USD/JPY remained rather clean, with a hold at prior resistance of 154.45-155.00. That zone was tested pretty much all week, with the top of that area coming into play on Monday and the bottom later in the week, but since, bulls have largely been in-charge to push the breakout from the falling wedge formation ahead of the FOMC rate decision.
Price is now nearing the next resistance zone from Fibonacci levels at 156.67-157.17, which are the 76.4 and 78.6% retracements from last year's sell-off. This was the zone that ultimately stalled the rally two weeks ago before the pullback showed up. This, of course, doesn't necessarily preclude continuation especially with some massive drivers on the horizon with FOMC on Wednesday and BoJ next week, but it does make for a more difficult case to chase.
If we do see some softening, rather ahead of FOMC or after, the 154.45-155.00 zone could be re-used provided that buyers can hold a higher-low above last week's swing low.
I'm still looking at the pair as one of the more attractive venues for USD-strength scenarios. - js
Price is now nearing the next resistance zone from Fibonacci levels at 156.67-157.17, which are the 76.4 and 78.6% retracements from last year's sell-off. This was the zone that ultimately stalled the rally two weeks ago before the pullback showed up. This, of course, doesn't necessarily preclude continuation especially with some massive drivers on the horizon with FOMC on Wednesday and BoJ next week, but it does make for a more difficult case to chase.
If we do see some softening, rather ahead of FOMC or after, the 154.45-155.00 zone could be re-used provided that buyers can hold a higher-low above last week's swing low.
I'm still looking at the pair as one of the more attractive venues for USD-strength scenarios. - js
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