Our previous outlook for USDJPY still stands, as the pair has gradually started testing the 160.20–160.60 resistance zone.
Traders are closely watching the 160.20–160.60 area, as the last time the market reached this zone, the Bank of Japan signaled the possibility of intervention to support the yen.
As long as prices remain below 160.20–160.60, another bearish swing toward the 155.00–156.00 zone remains possible.
A break above 160.60 could open the door for further gains toward resistance at 161.95.
| SUPPORT | RESISTANCE | |
| LEVEL1 | 158.20-50 | 160.20-60 |
| LEVEL2 | 156.00 | 161.95 |
| LEVEL3 | 155.00 | 163.80 |