FX.co ★ remington.kihn | USD/JPY

The USDJPY pair is once again aiming north. The pair is rising, albeit cautiously, but the bulls are trying to reach the key level of 155.00 again. The current high is at 154.80, and the pair has already been pushed down from this resistance level twice. However, I do not expect a similar reaction for the third time. Most likely, the price will still reach 155.00, and it will be interesting to see the reaction there. I expect a strong profit-taking and selling impulse at that level, maybe even an intervention by the Bank of Japan. However, intervention will most likely occur in case of a breakout of this level. Selling from the current levels definitely looks more appealing, but only if stop losses are in place. I am definitely not considering buying at this point; we need to wait for a breakdown to the downside, which is likely to happen. Round levels often have significantly higher liquidity, which can play a key role in the current situation of the pair.