Analysts see further gains for the pair after sharp intraday swings, targeting the year’s peak while support holds at 160.65.
The USD/JPY pair closed 0.16% higher at 161.54 after spiking to 161.92 and retreating to 161.06 in volatile trading. Analysts expect intraday consolidation between 161.10 and 161.90 but maintain a bullish 1-3 week outlook targeting the 2024 high of 162.00.
The pair breached key resistance at 161.15 last week, reinforcing upward momentum despite overbought conditions. Support remains strong at 160.65, with no signs of a reversal yet. The 2024 peak of 162.00 is now in focus as the next resistance level.
Sharp intraday swings failed to disrupt the broader uptrend, with analysts noting the pullback lacked conviction. The pair’s trajectory hinges on sustained momentum above 160.65 to extend gains.