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USD/JPY holds gains as traders weigh risk of further Japanese intervention

The pair was recently at 159.4, with the 100-day SMA near 160.0 and 160.9 and 159.0 cited as key nearby pivot levels.

Reported · Written up by our desk · Major Pairs

USD/JPY edged higher for a third straight day, gaining 0.11% on Wednesday as buyers maintained control, even as traders continued to watch for the possibility of another round of Japanese currency intervention, FXStreet reported.

The pair was trading around 159.38, near weekly highs, but a flattish 100-day Simple Moving Average near 159.98 capped upside. FXStreet noted that USD/JPY previously cleared 160.0 on July 31, yet momentum indicators remained neutral, leaving room for either side to open fresh directional positions.

For bullish continuation, FXStreet said USD/JPY would need to break above both the 100-day SMA and the 160.0 level to target higher moving-average resistance near 160.92 and 161.0. On the downside, if USD/JPY drops below 159.0, the next level discussed was the 200-day SMA near 159.39, with further reference to the August 7 low at 158.88.

Latest closeUSD/JPY 159.31 ▼0.1%

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