Our previous outlook for USDJPY still stands, as the pair continues to test the 160.20–160.60 resistance zone.
Traders are closely watching this area, as the last time the market reached it, the Bank of Japan warned about possible intervention to support the yen.
As long as prices stay below 160.20–160.60, another drop toward 155.00–156.00 is still possible.
A break above 160.60 could open the way for more gains toward 161.95 resistance.
| SUPPORT | RESISTANCE | |
| LEVEL1 | 158.20-50 | 160.20-60 |
| LEVEL2 | 156.00 | 161.95 |
| LEVEL3 | 155.00 | 163.80 |