FX.co ★ remington.kihn | USD/JPY

Hello. Very cautiously, but the bulls on the USD/JPY pair are exploring possibilities for further growth of the quotes of this currency pair. Today, they have touched but reached resistance at 159.35, where we have seen a new local maximum of the pair, marked by the four-hour "Zigzag" indicator, signaling the end of the rise and the beginning of a new correction. Pair deviations are minimal, but the overall medium-term trend, starting from May 6 of this year, remains upward, and I believe the bulls will continue to exert pressure on the pair aiming to move towards the current highs of the pair at the level of 160.70. Again, speaking of caution, the concerns of the bulls are understandable, as with further advancement of the USD/JPY pair to the north, the probability increases that the nerves of the Bank of Japan will once again not hold up, and it will be forced to carry out a new currency intervention in the market, similar to what was done in April. I would like to remind you that earlier the Japanese government stated that it would not allow further weakening of the national currency, but apparently, for now, the current positions satisfy both sides of the trade, therefore, the USD/JPY pair prefers to consolidate.