USDJPY

The Japanese Yen consolidated around 151.60 last week and is struggling to break above its November 2023 high of 151.91. The threat of foreign exchange intervention is providing support to the JPY. Japanese Finance Minister Shunichi Suzuki has warned again that he is ‘monitoring forex movements with a high sense of urgency’. Japan’s February CPI data suggests that the bar remains high for an aggressive BOJ tightening cycle. Intraday downtrends could see 151.26. If this level is broken, supports at 151.10, 150.89 and 150.72 could become important. In potential uptrends, resistance levels at 151.47, 151.64 and 151.85 will be monitored. Support: 151.110 - 150.890 Resistance: 151.470 - 151.640