Yen weakness persists despite intervention risks: USD/JPY surged to a 21-month high above 160.45, brushing off verbal intervention warnings as bullish momentum remains firmly intact.
Macro drivers favour further upside: Rising oil prices and a widening US–Japan rate differential (Fed more hawkish vs BoJ’s gradual stance) continue to pressure the yen, reinforcing USD/JPY’s uptrend.
Technical structure supports continuation: Price action remains within a rising channel above 159.85 support, with momentum indicators signalling further upside potential toward 161.16 and beyond unless a breakdown triggers a pullback.
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By Kelvin Wong
The Japanese yen had staged a mild gain of 0.5% to print a 5-day high of 158.96 per US dollar ex-post the Bank of Japan's (BoJ) monetary policy meeting on Tuesday, April 28, 2026.
