USDJPY

The Japanese Yen (JPY) is trading negatively against its US counterpart for the third day in a row today. The Bank of Japan (BOJ) adopted a slightly tightening tone at the end of its March meeting. We remain skeptical that Japanese authorities will intervene in the markets to prevent further JPY weakness. This, along with the widespread cautious tone in global equity markets, is preventing bearish investors from taking aggressive positions around the safe-haven JPY and limiting the upward movement of the USD/JPY pair. The 151.56 level can be monitored for intraday downward movements. If this level is broken, supports at 151.47, 151.36 and 151.27 could become important. In case of possible increases, resistance levels at 151.67, 151.76 and 151.87 will be monitored. Support: 151.360 - 151.270 Resistance: 151.760 - 151.870