• BoJ intervention prospects raise prospects for a bearish correction in USD/JPY.
• USD/JPY bears are lurking at resistance and eye a significant correction. 

USD/JPY edged higher on Wednesday with the US Dollar finding support ahead of a slew of key US events that included Wednesday's hawkish Federal Open Market Committee minutes that reinforced market expectations of another interest rate hike at the end of July. 

Most Fed officials expected that the policymakers would eventually need to tighten policy further.
As a consequence, the US Treasury yields moved higher and added to earlier gains in the Greenback. ''Fed funds futures showed expectations of a 25 basis point hike at the end of a two-day policy meeting on July 26 rose to 88.7%, according to CME Group's FedWatch Tool,'' Reuters reported. 

Indeed, USD/JPY has broadly moved higher in sync with the US 10-year Treasury yield. However, the market is also paying attention to the potential risk of intervention from the Bank of Japan. This opens the risk of a move lower in USD/JPY and the following illustrates a bearish technical scenario