The Japanese Yen has been making headlines in the forex market recently with various forecasts and data releases impacting the USD/JPY pair. The rally in USD/JPY faced resistance, leading to a reversal in its upward momentum according to FOREX.com US. TradingView reported that the Japanese Yen fell through the ¥156 mark against the Dollar after GDP data showed surprising growth. ForexLive noted that USD/JPY continued its retracement, dropping by 200 pips. UBS raised their forecast for USD/JPY, suggesting that another jump to 160 is possible, as reported by Investing.com. Forex Factory highlighted that the USD/JPY rally reversed at resistance based on technical forecasts. FXStreet reported that USD/JPY jumped above 156.50 following Japanese GDP data release, with focus now on US Retail Sales data. TradingView commented on the potential challenges for Japan as USD/JPY’s ‘V’ wave target looms. UBS also raised their USD/JPY forecasts, as reported by TradingView. TradingView further discussed the reasons why USD/JPY is likely to probe the 2024 peak.