Greetings, today the USDJPY pair is navigating through a quiet trading session, directly facing the resistance at the record high above the 151.00 threshold. The momentum for an upward movement seems to be waning amid fears that the Japanese government might intervene in the forex market to support the Yen, presenting a significant obstacle for buyers aiming to breach this resistance level.
Moreover, the USDJPY appears primed for a trend correction. In such a scenario, the pair is anticipated to experience a decline, adjusting towards the 149.800 - 149.100 range as indicated by Fibonacci retracement levels, while also testing the EMA 34 and 89.