USDJPY is trading within a limited rangeOANDA:USDJPY FORECAST - TECHNICAL ANALYSIS
USD/JPY traded within a confined range on Thursday, lingering just below overhead resistance at 152.00. This technical barrier warrants close attention, as a breakout might prompt intervention from the Japanese government to support the yen. Should such a scenario unfold, a rapid reversal below 150.90 could occur ahead a possible drop towards the 50-day simple moving average at 149.75.
In the event that USD/JPY takes out the 152.00 level and Tokyo refrains from intervening, opting instead to allow market forces to find a new equilibrium for the exchange rate, buyers might gain confidence to launch a bullish attack on 155.25, a key barrier created by the upper boundary of an ascending channel in place since December of last year.