At the beginning of Wednesday, the USD/JPY pair continued to hover below 155.00, a clear signal of the strength of the Japanese Yen. This stability is primarily supported by underlying risks of impending intervention from Japan. A slight decline in the US Dollar and US Treasury bond yields is also weighing on this currency pair.
However, chart analysis reveals that the price is still supported by an upward trend, bolstered by technical indicators such as the Relative Strength Index (RSI) and the Simple Moving Average (SMA). If the price breaks above the defensive level of 155.00, we could witness a strong upward momentum for this currency pair.