The USD/JPY exchange rate has been slowly testing higher levels.
Yesterday in the Tokyo market, USD/JPY reached the 158 yen range but faced resistance as Japan’s long-term interest rates rose to the highest level in 13.5 years. However, in the European and U.S. markets, U.S. long-term interest rates climbed to around 4.73%, the highest since last April, pushing USD/JPY up to 158.55 yen, closing near the day’s high.
The day before, when USD/JPY rose above 158 yen, Finance Minister Kato made comments to curb yen weakness. If USD/JPY approaches 159 yen, concerns about market intervention are likely to increase.
Expected Range for USD/JPY: 158.80–157.70
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