US Dollar Resilience Continues Against Japanese Yen

The US dollar against the Japanese yen has seen a familiar pattern over the past five trading sessions. It dips initially, but then rebounds as carry traders jump back in to pick up the pace.

Christopher Lewis, a technical analyst at DailyForex with over two decades of experience in Forex and other leveraged markets, notes that despite the headlines warning of the Bank of Japan's impact, the market seems resilient. This resiliency is worth paying attention to, as it suggests that someone out there isn't afraid.

The 200-day EMA offers support along with a trend line below the current price level. Lewis also mentions the 160 yen level above as an area of interest. If the market breaks above this level, it could challenge the 50-day EMA, which many traders watch closely.