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fxJun 24, 2026, 7:32 AM

USD/JPY Breaks Above 160, Intervention Fears Cap Gains – OCBC

USD/JPY has broken back above 160, but intervention risk and official warnings are limiting further upside relative to other G10 currencies, according to OCBC strategists.

USDJPY

USD/JPY has moved back above the 160 level, according to OCBC strategists Sim Moh Siong and Christopher Wong. The pair's advance is being tempered by persistent intervention fears and verbal warnings from Japanese officials.

While the yen has weakened against the dollar, the upside relative to other G10 currencies remains limited due to the heightened risk of official action. OCBC notes that intervention fears are providing a cushion against deeper losses for the yen.

The market continues to monitor any signs of actual intervention from the Bank of Japan or Ministry of Finance.

Source: FXStreet Forex News