Forex
USD/JPY Surges Above 160.50 Ahead of BoJ Decision
The USD/JPY pair is continuing its upward trend, building on the previous day's late recovery from sub-158.00 levels, which marked the lowest point since May 14.
This climb above 160.50 during the Asian session on Friday can be attributed to some US Dollar buying and repositioning trade ahead of the highly anticipated Bank of Japan (BoJ) rate decision.
From a technical perspective, strength beyond the 160.00 psychological mark and the 38.2% Fibonacci retracement level supports further intraday gains.
However, the Relative Strength Index (RSI) near 31 and a negative Moving Average Convergence Divergence (MACD) reading suggest lingering downside pressure.