The US Dollar gained bullish momentum after it settled above $160.80 against the US Dollar. USD/JPY even climbed above 162.00 before it faced rejection.
The American currency moved lower as falling oil prices reduced demand for safe-haven assets.
Rising Treasury yields provided support to the American currency.
USDJPY managed to pass above the short-term resistance zone of 161.95 which shows a strong advance still ongoing. Prices fell toward 160.50-70 on the suspected intervention before bouncing back.
The outlook for USD/JPY remains constructive as a hawkish Federal Reserve, resilient US dollar, and renewed geopolitical risk.
USD/JPY Price Forecast: Dollar remains capped below 162.40 resistance area
The American currency gained ground as traders focused on recent events in the Strait of Hormuz.
The American currency gains ground, supported by strong ISM Services PMI report.
At the start of the week, USD/JPY is once again showing notable buying pressure. Over the last few trading sessions, the pair.
USD/JPY bulls are back. After last week's intervention scare briefly knocked the pair lower, Yen selling returned today as the most obvious window for Japanese action passed without official intervention.
USDJPY managed to pass above the short-term resistance zone of 161.95 which shows a strong advance still ongoing. Prices fell toward 160.50-70 on the suspected intervention before bouncing back.
Strong rise in early Monday trading is about to fully reverse last week's 162.84/160.47 pullback, which marked a healthy correction (contained by Fibo 23.6% of 155.02/162.84 upleg) of larger uptrend.