The USD/JPY continued to quote down. The pair was for the last time at levels of 145.91, according to FX analysts of OCBC Frances Cheung and Christopher Wong.
The bullish impulse in the daily chart shows signs of fading
“The head of Bloomberg that the US discussed the exchange rate with South Korea moved to other USD/Asia pairs, including the USD/JPY. Remember that Finance Minister Kato said that he will look for an opportunity to discuss currency issues with the Secretary of the US Treasury Scott Besent when both are in Canada for the G7 meeting (in June).”
“Although details/agendas were not announced, the suspicion that currency policy is discussed during bilateral commercial conversations with the USA can weigh on the USD. The upward impulse in the daily chart shows signs of fading while the RSI fell even more.”
“He Support is in 144.40 (23.6% FIBO). Resistance in 147.10 (38.2% fibo setback to a minimum of 2025), 148.40 and levels of 149.40/70 (50% FIBO, 200 DMA). We maintain our short position in USD/JPY (admitted to 148 (according to FX Weekly on Monday), with a goal around 141. SL in 151. “
Source: Fx Street
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