FX.co ★ USD/JPY

USDJPY TF D now, the fact that an upward corrective three-wave pattern is forming is hardly in doubt after the 38% fibo at 158.60 failed to hold the bulls. Now the pair is already trading at the 50% fibo 159.50. Above is the psychological level of 160.00, especially in light of the latest intervention; I consider this a red line for the Japanese regulator and they will defend it. In general, the 159.50 - 160.00 area is a reversal zone and most likely will be used for a new wave of intervention. Probably not today; they will wait for the US inflation data and the pair’s reaction.