USDJPY Jun 15 to Jun 19 Outlook

Recap
Previous week close resistance sent the pair down to Y-0. Y-0 did not act as support at all gave us test of Y-1. Y-1 also failed to act as support sent it down to normal downside target of Y-2. Bounced to Y-1 right after. Closed the week below Y-1 and midpoint.

Outlook
The first part of the pullback happened last week was expected but words from BOJ to talk down the pair added fuel to the downside. This gives us a good idea the level of 125 and above will cause BOJ to do something about it.

Consolidation is expected after last week’s actions. Retest of B-1 is likely with B-0 resistance.