At one point yesterday, it looked like the pair was set for a technical shove to the downside. Sellers threatened a firm break below the lower limit around 149.70-80 after the US PCE price index data. The low even touched 149.20 before a strong rebound saw a recovery back towards the 150.00 level. That persisted into the daily close before the added gains today.

The move lower in the Japanese yen comes after BOJ governor Ueda said that they would still have to wait on the spring wage negotiations before acting. It’s a bit of a tone down to Takata’s remarks yesterday.

As such, USD/JPY is now back up to 150.45 but remains stuck somewhat in between the range before as seen on the daily chart. The lower limit continues to rest around 149.70-80. Meanwhile, the upper limit sits closer to the 150.80 level. That remains the technical cage for the pair until we get a firm breakout.