The currency pair tests resistance at 162 after breaking above consolidation, with support at 159.65 amid BoJ tightening signals.
USD/JPY extended its advance, approaching the 2024 peak of 162 after holding a multi-month trendline near 157.40. The pair broke out of recent consolidation, reinforcing upward momentum with key support at 159.65/159.10.
The overnight range tightened to 160.97-161.81, narrowing the gap to July’s high of 161.95. Analysts flag potential targets at 163.70 and 165.70 if resistance is breached.
Japanese officials reiterated warnings of FX intervention, while the Bank of Japan signaled further tightening, though yen weakness persists. April minutes and Diet testimony underscored hawkish shifts.