USD/JPY Trapped by Intervention Fears at 160.00
The USD/JPY pair has been struggling to break through the 160.00 resistance level, largely due to the threat of Japanese currency intervention.
In April 2024, the pair spiked to 160.20 before reversing sharply, which many attributed to intervention by the Bank of Japan and the Ministry of Finance.
Japanese officials have repeatedly warned against excessive yen weakness, with Finance Minister Shunichi Suzuki stating they are watching currency moves with 'high urgency' and will act as needed.