Stuck again within 4020-83, a range that is too tight to last for too long.
Looking at the range as 4000-4100 with key levels outside of it (3996 and 4120), expect more chop, limited follow through trading until either side is broken.
Pause above the key 155.02 target (low 155.22) has seen a pause and talk that the low isa in unless the BoJ goes on a massive attack. AT shows the level that would need to be broken to confirm the low is in ius stilkl a distant 160.53. The farther USDJPY moves from 155, the louder talk will be that a low is in.
In any case, the rebound, although a sharp one, is still well within the scope of a retracement with FIBO levels for 163.98-155.22 at: :
Technicals can mean little when the BoJ goes on the intervention attack and threatens more but worth noting is the pause above the major 155.02 target (low 155.22) has slowed the move.
With no obvious resistance on the upside given the freefall, one level to watch is the 200 day mva (157.93), which the BoJ will likely prefer to keep trade below it.
First stab below 1.40 was met with buying afrter stops were run, keeping it above a 1.3950 target.
Currently testing 1.4023, which has flipped between support and resistance but to break momentum and suggest the low in in, 1.4068 would need to be taken out.