It is getting closer so will it hold if asked again?- check out the USD/JPY

As this update is being typed the USD/JPY is pushing close to session highs (155.86), as it nears the 156 handle once more. I repeat what was said here earlier, about the slide down to 153.29 yesterday, which has now been more than entirely reversed. The prior rebound high was set last week, when the USD/JPY reached 156.74. That high met the final Fibonacci correction level (76.4% of the 161.95-139.58 fall) which was in place at 156.67. As you can see, in the short term that held almost perfectly at the first time of asking and led to a 345 pip relapse. The question here and now; is will that 156.67 be put to the test again and what might happen if it is? Well, technically a break above 156.74 on the second attempt could open a path towards the current 2024 (and almost 40 year high) at 161.95. For sure the BOJ would not like to see that happen and it is possible they might jaw-bone if the USD/JPY starts to threaten a break above 156.74. We shall have to see on that, but as you can see, the dollar is right now less than 100 pips away from seeing how that might play out.