Our previous outlook for USDJPY still stands as the pair slowly marches towards the resistance zone at 160.20-60.
Traders are watching the resistance zone of 160.20-60 as the last time the market was here, the BoJ threatened to intervention to support the Yen.
As long as the market holds below 160.20-60, a chance for another drop swing toward the 155.00-156.00 zone could hit the market.
Above 160.60 more advance is likely with resistance at 161.95.
| SUPPORT | RESISTANCE | |
| LEVEL1 | 158.20-50 | 160.20-60 |
| LEVEL2 | 156.00 | 161.95 |
| LEVEL3 | 155.00 | 163.80 |