The USD/JPY pair is gaining ground as traders focus on the weakness of the Japanese yen. The Bank of Japan has not intervened, which is expected as they may defend the 158.00 – 160.00 level.
If USD/JPY settles above 156.00, it is likely to head towards resistance at 158.00 – 158.50. The RSI is in moderate territory, with room for further upside momentum. Traders should be aware that the Bank of Japan may step in if USD/JPY rises above 158.00.
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