Over 132.00 and up 0.30 percent intraday near 132.20 going into Wednesday’s European session. The Bank of Japan (BOJ) stunned the markets, causing the Yen pair to fall the most in 24 years and retest a four-month low.
Then, the “Golden Ratio,” a 61.8% Fibonacci retracement level of 128.20, should put the bears to the test. May’s low, which was close to 126.35, also serves as a downside filter.
Overall, unless trading below 138.60, buyers are likely to ignore USD/JPY, while sellers must wait for a breach below 130.00 before regaining control.
Even so, the most recent rebound might be extended with an upward breach of the immediate barrier.
