USD/JPY Consolidates Around 157.50 After BoJ Intervention

Following a prolonged strong trend, USD/JPY experienced a consolidation phase after intervention by the BoJ yesterday, resulting in relatively flat movements during both yesterday's and today's Asian sessions. While the positive Japan industrial production data from the Asian session didn't have a significant impact on the pair, pricing seems to be primarily influenced by American data releases and BoJ interventions, as observed in recent weeks. Although the initial resistance levels appear to be around 157.50 and the range of 158.70-158.90, the major resistance level remains at the 160.00 mark, as advocated by the BoJ. On the downside, the unbroken support at 155.00 emerges as a strong level. However, if 155.00 is breached, sustained levels below could lead to retesting of the 153.00-152.90 range and the psychological support level of 152.00.