You've got to be cautious when big events can't clear big levels
Two levels were in play up here, 121.30 and 121.50. We got above one but not the other, then failed to stay above
USDJPY daily chart
Resistance pre-BOJ was around 121.20 and we've not managed to keep above there either so the signals are there that the upside is going to be a struggle.
I would think that 121.00 becomes the line in the sand right now (that might extend down to 120.80 odd). We face talk of decent dollar selling for month end rebalancing
So we've had two big CB meetings, one hawkish and one unchanged, and here we are only around 100 pips higher from where we were before it all began
The ranges and bigger levels are still in play and it's likely to stay that way unless we get some real life changing news. Next up we see Mike's favourite central banker taking the stand to explain why the BOJ did nothing, and to bring us the latest outlook details (some of which the Nikkei look like they have anyway)
The biggest take from these events is that if the upside levels keep holding, the only other direction is down