USD/JPY Rebounds Following Bank of Japan Intervention

Despite the Bank of Japan's spending of approximately $60 billion last week to intervene in the currency pair, USD/JPY has seen a rebound of about 200 pips following its retreat to the support level of 152.00. The upward momentum continues, with the first resistance level encountered at the psychological resistance of 155.00. If this level is breached, although close to it, the midpoint of the channel and the moving average level at 155.60 could determine whether the upward momentum persists. Above this, the range of 156.20-156.30 would emerge as the third resistance level. However, in the event of a downward reversal, the initial support to monitor is at 153.90. If sustainability is not achieved at this point, attention would turn to 153.20 initially, followed by the major support level of 152.00.