During the Asian session on Wednesday, the USD/JPY pair encountered difficulties in gaining significant momentum and instead remained within a narrow trading range. Currently, it is hovering around 149.00, slightly below Tuesday's peak which reached its highest level since October 2022. The minutes from the Bank of Japan (BoJ) policy meeting state that there have been minimal changes.
There is somewhat weaker resistance at around 149.20 for the USD/JPY pair, but it is anticipated to continue its upward trajectory towards the crucial resistance level of 150.00. This asset has benefited from dovish interest rate guidance by BoJ Governor Kazuo Ueda as well as a robust US dollar amidst cautious market conditions.