The USD/JPY has broken the 161.00 barrier as US Treasury bond yields climbed sharply on Monday after US economic data showed that manufacturing activity, as measured by the ISM PMI, contracted for the third straight month in June.
USD/JPY rises to 0.38%, pushed by higher US Treasury yields and weak ISM data. Resistance levels: 162.00, 163.00, 164.87 . Support points: 160.22 , 155.66 , 158.90 . The pair trades at 161.49, gains 0.38%. USD/JPY Price Analysis: Technical outlook The major is upward biased, and Japanese authorities and the Bank of Japan lack of action could propel the USD/JPY higher. Despite that, the next key resistance level would be the November 1986 monthly high of 164.
How do the decisions of the Bank of Japan impact the Japanese Yen? One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen. The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners.
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USD/JPY Price Analysis: Rising up in channel towards intervention zoneUSD/JPY is currently trading in the 158.50s as it continues rising up in an ascending channel.
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