FX.co ★ remington.kihn | USD/JPY

On the daily chart, USD/JPY showed minimal volatility yesterday despite the release of important US labor market data. The trading week closed near the key level of 160.00. Overall market uncertainty persists. Until we see a true breakout above the 160.00 resistance, expecting a continuation of the uptrend towards 162.00 is not advisable. I anticipate selling the pair near this resistance level. Two years ago, there was a significant intervention from the Bank of Japan at that level. I am not considering buying the pair at the moment, as I am afraid of encountering another intervention. Moreover, I expect the dollar to weaken across the market.