BoJ May Step in Again to Prop Up the Yen as the USD/JPY Tests Significant Resistance.

The USD/JPY is now testing the 145.90 level as it falls against the USD after a long while. A break higher would see USD/JPY trade at a point that it has not visited since August 1998. The Bank of Japan (BoJ) recently intervened in the FX market on September 22, when USD/JPY was trading around 145.70, buying approximately 21 billion Yen to regularize the currency.

The Japanese central bank’s action caused the USD/JPY to decline around 140.00 before the market decided to test the BoJ again and pushed the pair back higher. However, the Japanese Yen has been weakening against a robust USD.

If the Bank of Japan decides to abstain from the FX market at these levels, it would be easy for the USD/JPY to test the August 1998 high at 147.63. If this level is broken, getting resistance from charts going back over two decades becomes tasking, with only the 150 prominent figure levels sticking out

The Japanese Yen has declined more than 25% against the dollar this year, and US authorities will desire to see this depreciation stop to prevent Japan from getting too much of a trade advantage due to its weak currency.

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