The USD/JPY pair trades with a muted tone, constrained by the possibility of intervention from Japanese authorities. Despite a rise in US Treasury yields on Monday, with the 10-year benchmark climbing 11 basis points, the pair remains below the day’s high of 151.77. Currently, it exchanges hands at 151.63, registering a moderate 0.15% gain.
Technical Outlook: USD/JPY Range-Bound
The daily chart for USD/JPY depicts a consolidation phase within the 151.00/152.00 range. The 152.00 mark acts as a strong resistance level due to concerns about intervention. A sustained breach could see the pair challenge the psychological 153.00 level, with further upside potential towards 155.00.
However, a pullback below the Tenkan-Sen at 151.12 could trigger a decline towards Senkou Span A at 150.17, then the Kijun-Sen at 149.22. Additional downside pressure could push the pair towards Senkou Span B at 148.93.
