USD/JPY on the rise-BoJ ready to act, soon?

Not much of a change; USDJPY is on the rise. The BOJ is still apparently just watching the market, but they have repeated many times over the last few weeks that they will take appropriate action if needed to prevent further weakness in the Japanese yen. For now, we don't see any sign of such action yet, but it looks like that if we get closer to the 160.72 high from April, then wave five from those May lows could start approaching an important resistance zone. This is an area where traders should be increasingly aware of intervention risks as well as the possibility of a larger reversal.

Of course, until we see any actual action from the BOJ or a break of the current trend structure, the path of least resistance remains to the upside. Still, the closer USDJPY gets to the April highs, the more cautious traders should become.