USDJPY experienced a strong setback from its 34-year high of 160.20 following an intervention by Japanese authorities in late April. However, the pair has slowly but steadily recouped a significant part of these losses, attempting to revisit its recent multi-year highs. Should bullish pressures persist, the price could initially test the May resistance region of 157.80. Further upside attempts could then cease at 159.10, which is the 161.8% Fibonacci extension of the 151.90-140.24 downleg. A violation of that territory could pave the way for the 34-year peak of 160.20. Alternatively, if the pair comes under selling ... (full story)