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USD/JPY climbs above 160.50 ahead of the BoJ rate decision
The pair is testing the 160.00 psychological level after recovering from sub-158.00, while resistance is clustered around 160.99 to 162.69.
USD/JPY has regained ground, trading back above 160.50 after the prior session’s late rebound from below 158.00, according to FXStreet.
The move is linked to some US dollar buying and traders repositioning ahead of Japan’s Bank of Japan rate decision.
On the technical side, FXStreet notes that strength beyond 160.00 is supported by the 38.2% Fibonacci retracement, but indicators point to caution. The RSI is near 31 and MACD remains negative around -0.43, signaling lingering downside pressure.
FXStreet also highlights key levels to watch, with resistance concentrated near the 50.0% Fibonacci retracement at 160.99 and further caps around 161.69 and 162.69. On the downside, support is seen at 160.28, followed by 159.41 and a structural swing low zone near 158.00.
Latest closeUSD/JPY 157.40 ▼1.7%