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USD/JPY Technical Analysis
The US dollar has rallied a bit against the Japanese yen, but it is struggling at the same place that it has for a while here, right around 149 yen. By doing so, it tells us just how difficult it’s going to be to break above the 150 yen level, which would open up a bigger move. The question now is the previous support, will it end up being resistance?
So far it has, but really at this point, I think you’ve got a scenario where the US dollar is a little oversold against the yen. And perhaps we’ve priced in that move when it comes to the Bank of Japan raising rates later this year. They’re still only expected to be at three quarters of a percent.
