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USD/JPY may stall below the 160 zone as Nikkei nears record high

The Nikkei 225 is approaching its record near 72,831.73, while USD/JPY is around 157.7, about six yen below its late-July level near 163.97.

Reported · Written up by our desk · Major Pairs

Japan’s Nikkei 225 is closing in on a fresh record near 72,831.73, with the index recently rising 2.4% to 69,946.64 and clearing the 69,608.24 August swing high, according to Action Forex.

The article says USD/JPY is less likely to repeat its earlier pattern because, unlike in June, current conditions point to slower BoJ tightening, a more patient Fed, credible risk of FX intervention, and no fresh oil shock, which together reduce the odds of pushing through the 160 zone.

Action Forex also contrasts the setup with June and July, when USD/JPY was already above 161 and later extended to 163.97, while today USD/JPY is around 157.7, nearly six yen below that peak.

Latest closeNikkei 225 68,956.72 ▲3.3%|USD/JPY 157.83 ▲0.2%

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