The USD/JPY pair reached a peak of ¥160.21 before encountering resistance, surpassing the April 1990 high of ¥160.16. The Bank of Japan, along with Japanese banks, intervened by selling US dollars which led to a halt in the rally. It is anticipated that this resistance level will act as a barrier for the time being.
In case of a decline, support is expected to be found at ¥154.56 along the uptrend line from March to April, following Monday’s low of ¥155.05.