USD/JPY daily chart
The difference this time around is that the pace of the run higher is one that is less surging and speculative, one might argue. But dip buyers are certainly telling Japanese officials that they are still not deterred. There’s going to be plenty of watchful eyes here to see if Tokyo will want to step in, especially if traders see a chance to pull for a stronger break above 160.00 next.
As we are testing the waters here, traders are still cautious. The high of the day is 160.05 with price action now sitting around 159.95-00 in the last few minutes.