The pair hit a correction towards the target and support of 157.25-65 last week. The market is still holding a trading zone with resistances around 160.20 and 161.95 where each resistance could push for drop a toward the 157.25-65 zone.
USD/JPY is holding near a major ceiling around 160, with 158 acting as support and a break above 160.40 potentially opening a much bigger upside move.
The USDJPY forecast for next week is for the pair to continue being supported by the oil shock situation in the Middle East.
USD/JPY approaches the key 160.00 level with BoJ intervention looming
The Japanese yen continued its downtrend this week, raising the possibility that the Bank of Japan (BoJ) will intervene as it nears a crucial level. The USD/JPY exchange rate was trading at 159.60, a few points below the all-time high of 161.95.
Japanese Yen edges higher on intervention fears; USD/JPY hangs near 159.50 on softer USD
The Japanese yen has been weakening for months, and it's now approaching a price level with a loaded history.
Looking at the 4-hour chart, the pair settled well above 158.80, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The pair cleared the 76.4% Fib retracement level of the downward move from the 159.65 swing high to the 158.01 low.
USD/JPY presses toward 160.00 as Crude Oil shock deepens Yen slide
USD/JPY has pushed higher in recent weeks, reclaiming ground steadily and approaching a key psychological level near 160. The rally has been strong, but price is now consolidating beneath this threshold after failing to extend gains into fresh yearly highs.
The American currency gains ground, supported by the war in the Middle East.
USD/JPY rises as Trump comments support USD