No bout the BOJ wanted to engineer a close above the old all-time lows at 79.75 as well as above the psychologically important 80.00 level. But it looks as though though they failed at one important goal, pushing USD/JPY back above the old line of support which comes in around 81.80 today. We briefly poked above that line but fell straight back, a classic retest of the breakout.
Hard to get bullish on USD/JPY from a technical perspective as a result.
The BOJ has their work cut out for them next week. A one-hit wonder will not do the trick this time …
