USD/JPY is trading higher, breaking above 160.22, which was the previous 2024 high, so we are seeing the 5th wave in progress, with the possibility of another retest of 161 area. However, Japan has expressed concerns about the current weakness of the Japanese Yen, which could lead to potential intervention threats, keeping this pair volatile going into the end of this week and next week. There is a risk that Japan would take action, which would likely cause a sharp reversal in the pair, especially if they receive support from other countries. From an Elliott Wave perspective, whenever there are five waves up, a reversal is typically expected soon. A closer look at the pattern and Fibonacci levels suggests that 161.10 is a potential resistance for the current leg up, near the upper channel line.
In summary, while USD/JPY is showing bullish momentum, caution is warranted due to potential intervention from Japan, which could significantly impact the pair's direction.
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USD/JPY: Intervention Threats Can Keep Pair Volatile
Published 06/27/2024, 04:38 AM
USD/JPY: Intervention Threats Can Keep Pair Volatile
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