USDJPY

USD/JPY climbed to a fresh multi-month high of 160.70. However, we may expect some profit-taking and certain manipulation around the current highs, with the price likely to test the immediate support zone 160/159.85 (prior resistance) before any sustainable new leg up.

Key Indicators

• GBPJPY faces short-term rejection near the daily high of 160.70 due to a lack of price movement.

• The 4-hour chart reveals weak upward momentum, showing signs of exhaustion on lower timeframes.

Fundamental Context

USD/JPY soared to a new 21-month high after breaking through the 160 barrier. The strong US dollar and geopolitical concerns are the primary drivers of the upward trend.