USDJPY

The USD/JPY pair extended gains for the second straight session, trading around 150.500 in the European session on Monday. The Japanese yen (JPY) faced challenges following comments made by Bank of Japan (BOJ) Governor Kazuo Ueda on Friday that cast doubt on the sustainability of Japanese inflation reaching its 2% target. With inflationary pressures easing rapidly, the BOJ is likely to postpone plans to tighten monetary policy. If last year’s highs near 152.00 are revisited, a broader uptrend toward the next projections at 154.50/155.00 is likely. Intraday downsides could be monitored at 150.370. If this level is broken, support levels of 150,110 and 149,840 may become important. In case of possible increases, resistance levels of 150,680, 150,910 and 151,280 will be monitored. Support: 150,370 - 150,110 Resistance: 150,680 - 150,910