160 in focus: USD/JPY faces intervention risk near this level – Societe Generale

USD/JPY is trading just below 160, Societe Generale notes. With yields and US dollar strength persisting, Japan’s Ministry of Finance has reminded markets of the risk of FX intervention. After reaching its highest level since early September, the pair encountered resistance near 160. Well-defined support and resistance levels, alongside sizeable option strikes, could influence near-term trading.

160 in Focus as Japanese Yen Intervention Warnings Persist

"Japan’s Mimura: markets shouldn’t forget intervention risks as USD/JPY nears 160."

"USD/JPY: 159.48 – 159.95 overnight range. Spot up to highest since 2 September before running into resistance near 160 on MoF FX intervention comments (Mimura). Support 158.70, resistance 160.90."

"European and US investors returning from the public holiday find the dollar broadening its CPI-driven gains and key technical levels coming under pressure across the majors. EUR/USD is trading with a 1.10 handle, USD/JPY is approaching 160, GBP/USD stumbled in the high 1.32s and AUD/USD must dig in to defend 0.68."

(An editor reviewed this article, which was produced with assistance from an Artificial Intelligence tool. Learn more.)