USDJPY

The Japanese Yen gained some upward momentum in the Asian session yesterday, recovering somewhat from its lowest level since November 2023. DXY rose and returned to 151.600 levels. Nevertheless, upbeat local data could provide good support for the JPY amid speculation that Japanese authorities may intervene to prevent further weakness in the local currency. This, along with the post-FOMC US Dollar (USD) selling trend, is putting heavy downward pressure on the USD/JPY pair. In intraday uptrends, the 151.63 level could be monitored. If this level is broken, resistances at 151.83, 152.07 and 152.28 could become important. In case of a pullback, 151.39, 151.18 and 150.94 will be monitored as support levels. Support: 151.390 - 150.180 Resistance: 151.830 - 152.070