USD/JPY was last seen trading just below the 149 level. Economists at OCBC Bank highlight that the 149.50-150 area is an important resistance zone.

Rising intervention risks

“Intervention risks are on the rise as the magnitude of USD/JPY gains is increasing.”

“Cautious ahead of 149.50-150 levels.”

“Bullish momentum on daily chart intact while RSI shows signs of turning from overbought conditions.”

“Resistance at 149.50. Support at 147.70, 146 levels.”