USD/JPY hits 130.00 for the first time in 20 years

We're finally here and it didn't take long after the BOJ policy decision earlier. As outlined here, the fact that the BOJ is wanting to play a dangerous game in trying to maintain yield curve control is a big negative factor for the currency.

And from a technical perspective, there isn't much stopping a further breakdown in the yen if it weakens past 130.00 against the dollar. The next key resistance level Resistance Level A trading resistance or resistance level reflects a given price that acts as a temporary ceiling for an asset. In its most basic form, this level pressures an asset’s price from rising above it, either acting as an outright barrier or exerting pressure in doing so.This pressure is due to a growing number of sellers who wish to sell at the particular price at a defined resistance level. Resistance levels can either be temporary constructs, longer-lasting ones, or purely psychological. As a result A trading resistance or resistance level reflects a given price that acts as a temporary ceiling for an asset. In its most basic form, this level pressures an asset’s price from rising above it, either acting as an outright barrier or exerting pressure in doing so.This pressure is due to a growing number of sellers who wish to sell at the particular price at a defined resistance level. Resistance levels can either be temporary constructs, longer-lasting ones, or purely psychological. As a result Read this Term for USD/JPY stands at the 2002 highs near 135.00.

It's all working out for the dollar at the moment today. A jolt in USD/JPY is a big reason, adding to the plunge in the Chinese yuan here.