The pair has come back to its value from before the BoJ intervention which didn’t have the impact expected as often.
The BoJ is still watching the market and might be in a position for another intervention soon. We have to be vigilent as it would prop significantly the USD/JPY (and other related Yen pairs) once again. The market is trying to hold above an intraday rising trendline near 77,00 which might be a good starting point for a bullish resumption but it is of course too soon to tell.
The overall bias remains quite bearish and we will need more than interventions to reassess our analysis.
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