Just caught up on the Japan interest rate decision that went through earlier this year. The BoJ finally pulled the trigger and raised rates to 0.75%, marking a 30-year high for their policy rate. This is a pretty big deal for the Yen, especially if you're trading USD/JPY.

So here's what happened with the pair. When the rate hike got announced, JPY strengthened noticeably against the dollar. The thing is, a hawkish move from the Bank of Japan typically supports the Yen because higher rates make the currency more attractive. USD/JPY started running into resistance around that 155.95-156.00 zone, which had been acting as a ceiling for a while.

The broader context here is that Japan finally abandoned its ultra-loose monetary policy stance. For years they were just printing money and buying assets, which completely crushed the Yen's value. But with inflation creeping above their 2% target and wage growth picking up, they had to make the move. The interest rate decision signals they're serious about price stability now.

If you're watching this pair, the key levels to monitor are still the December highs around 156.96 and 157.60. On the downside, support came in around 154.51. The Japan interest rate decision basically set the tone for how tight monetary policy is going to get, and that's going to keep pressuring USD/JPY lower if the Fed stays accommodative.