The USD/JPY exchange rate has recently hit a peak of ¥161.73, reminiscent of figures seen in 1986. Traders are closely watching the Ichimoku Conversion Line, which currently stands at ¥161.29 and may provide support for the currency pair. A short-term slowdown in the upward trend of USD/JPY is anticipated due to a potential technical correction.
On June 12, the price surpassed a key threshold and has since been consistently above the Ichimoku Conversion Line. Resistance levels are expected at ¥161.29 and a higher ¥164.50, which was last seen in November 1986.
Japan’s service activity has declined for the first time in nearly two years, attributed to a decrease in domestic demand. Meanwhile, the Bank of Japan is preparing to introduce new banknotes in 10,000 yen, 5,000 yen, and 1,000 yen denominations.
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