Japan finance Minister Suzuki is on the wires saying:
- Forex levels should reflect economic fundamentals
- if currency moves are excessive, we may need to smooth them
- Desirable for FX to move stably, eye FX volatility undesirable
- Rapid currency moves are undesirable as they would hurt households and companies
- Currency rates are set by market, reflects the fundamentals
The USDJPY has moved down this week on the back of reported intervention from the Bank of Japan and also softer data out of the US today.
Technically, the price has moved back down toward the key swing area near 151.90.
That area encompasses the 2022 high, the 2023 high (not shown on the chart below) and the old highs from 2024 before the run higher started on April 10.
The low price today reached 151.86 before bouncing higher.
The corrective high as moved up to 152.62. The low price from April 12 before starting the next surge to the upside bottomed at 152.583.The two red lines on the chart below are now the close support and resistance. ON a move above the 200 bar MA on the 4-hour chart comes in at 153.241. That is the next key resistance level on the 4-hour chart.
This article was written by Greg Michalowski at www.forexlive.com.
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