USDJPY surged to multi-decade highs around 154.80

Earlier in the week, USDJPY surged to multi-decade highs around 154.80 before retracing slightly from those lofty levels as the weekend approached. If the downward reversal gains traction in the upcoming trading sessions, support looms at 153.20 and 152.00 thereafter, with 150.80 possibly becoming a focal point if these price thresholds are breached.

On the flip side, if USDJPY resumes its climb, resistance is likely to materialize near 154.80, followed by 156.00, the upper boundary of a short-term rising channel in place since December of last year. While the pair maintains a bullish outlook, it's essential to proceed with caution given the overbought market conditions and the increasing probability of FX intervention by the Japanese government.

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USDJPY rose 0.4% to a session high of 155.37 on Wednesday, marking the first time since June 1990 that the pair exceeded 155. USDJPY traded at 155.21 as of 5:27 a.m. this morning.

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USD/JPY decreased slightly from the peak to 155.97 before BOJ Governor Ueda's speech.

The BOJ's policy decision hasn't yielded much, and based on recent inflation data, it's hard to see an overly hawkish approach from Ueda. But that could be taken to mean they are comfortable with allowing the yen to fall further.

Ueda prepares to start the press conference. And usually, it will last about an hour or so. USD/JPY rose 0.2% to 155.97 on the day but was down from around 156.20 previously.

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