The US Dollar versus Japanese Yen saw some volatility this week due to important meetings from both the FOMC and the Bank of Japan. The market was expected to be noisy as traders reacted to potential fundamental noise.
However, despite the volatility, the US dollar seems to be recovering against the Japanese yen. The focus is on breaking above the 158 yen level, which has been a significant resistance point. Additionally, the 160 yen level is crucial as it has acted as a trigger point for the Bank of Japan’s interventions in the past.
Overall, the market is working through some fluctuations as it navigates these key levels. Traders will need to monitor closely to see if the US dollar can sustain its momentum and break through these resistance levels in the coming weeks.