The currency pair climbs 0.25% to 159.38 as buyers test resistance despite Japanese authorities’ potential market intervention risks.
The USD/JPY pair rose over 0.25% to 159.38, recovering ground as traders pushed past the 159.00 level despite lingering intervention fears. Buyers are targeting the 159.50 area, though momentum remains constrained by concerns over possible Japanese authorities’ actions in the FX market.
Technical indicators show the pair consolidating between 159.00 and 160.00, supported by a bounce off the 50-day Simple Moving Average at 158.79. The Relative Strength Index remains above its 50-neutral level, signaling bullish momentum, but upside potential is limited by intervention risks.
Downside support lies at the 50-day SMA (158.78), followed by the 100-day SMA at 157.62 and the May 6 low of 155.04.