The Japanese yen weakens further as USD/JPY surpasses 163 for the first time since 1986, raising intervention risks amid sustained dollar strength.
USD/JPY surged past 163.00, reaching its highest level since 1986, as the dollar extends its rally against the yen. Analysts cite strong upward momentum, with intraday support at 163.00 and 162.75, while a 1-3 week target of 163.50 remains in focus if the pair holds above 162.40.
The yen’s decline follows a period of range-bound trading, with recent price action breaking key resistance levels. Earlier projections had anticipated a narrower range of 161.30/163.00, but the pair accelerated past 163.00, signaling potential for further gains. A close above 163.50 could pave the way for sustained advances.
Market observers warn of heightened intervention risks as the yen’s weakness persists. The pair’s rapid ascent underscores the dollar’s dominance, with technical indicators suggesting additional upside if support levels hold.