FX.co ★ USD/JPY

It is worth noting that this week, the USDJPY pair once again updated highs and even went above 159.45, but ultimately failed to hold above that level. Nevertheless, we still have an overall upward movement for now. On the other hand, there have been significant pullbacks or retracements below 158, indicating persistent bearish pressure. Especially considering the bearish sentiment remaining on the weekly charts, we may see further downside movement. It is important to highlight that the yen has been driving these movements, as the decline in the Japanese currency initially paused and then reversed into strength. Next week, the Bank of Japan will have a meeting, which could potentially impact the market dynamics. In general, I am still inclined towards a bearish bias, so if we manage to reach the 158.90-159.10 zone again, I will look to sell.