USDJPY – strong intervention warning after the pair hit new multi-decade high

USDJPY rose to new, marginally higher multi-decade high (151.97) in Asian session on Wednesday, signaling that bulls remain firmly in play, after the dollar received fresh boost from better than expected US data on Tuesday.

Bullish technical studies and a wide gap between US and Japan’s interest rates, continue to underpin the action, with sustained break through key 150.90/151.00 zone top open way for further gains.

On the other hand, strong warning came this morning from Japanese Financial Minister, who said that the government will take decisive steps against excessive yen weakness, using the same phrase he used before the intervention in October 2022.

The comment boosted expectations that Japanese officials may intervene at any time to support falling yen.

Initial support lays at 151.00, followed by rising 10DMA (150.60), psychological 150.00 level and top of thick daily cloud (149.15).

Res: 151.97; 152.56; 153.00; 154.65
Sup: 151.00; 150.60; 150.00; 149.66