USDJPY → Interventions + CPI. The market doesn't believe it...
USDJPY is coming under bearish attack. Immediately after the US CPI release, the Japanese Central Bank intervened in the FX market to support the yen.Fundamentally this was to be expected. Japan's central bank is not trying very hard to preserve its national currency. In order to invest minimal effort, policymakers took advantage of the US CPI report. The CPI + Interventions tandem led to a 2.7% decline in the currency pair. But, traders are starting to buy back some of the decline. Ahead of PPI, the news could both amplify the fall and smear all the efforts of the BoJ.
Technically, I don't think such actions will lead to anything global. The growth could continue. On W1 the nature of the market does not change, all interventions are gradually bought out and the currency pair will continue to update the highs.
Resistance levels: 159.6, 160.2, 160.5
Support levels: 157.7
It is possible to buy out and test the imbalance zone before the subsequent decline. A favorable background may be the PPI report, but after the market calms down, traders may return to JPY sell-offs, which may lead to the continuation of USDJPY growth.
Regards R. Linda!
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