There is a sense of pressure in traders will USDJPY touch 150 or not. Few weeks back there was FED meeting and BOJ meeting. But it could not give any clear guidance. FED statement is looking hawkish. They said they might increase the interest rate. FED seems very much data depend. Where as the BOJ said that it may interfere in the currency market if required. But looking into the chart, it is looking like a wait and watch scenario. Maybe the BOJ is not in a hurry.
Technically USDJPY has crossed above above 78.6% of fibbonacci level as shown in the chart above. The currency is in uptrend from February 2023 onwards. The question arises can this uptrend be sustainable or not?
USDJPY will be in bullish trend till it is above 146. The next target can be 150.7. But if the pair breaks below 146 then it can go towards 144. USDJPY is looking overbought. It has support from rising dollar. Currently the dollar is at 106. For the next trigger we will be looking at any commentary from BOJ.