**BREAKING: Japanese Yen Under Pressure as USD/JPY Approaches Critical 2024 Low**
The Japanese yen is showing renewed weakness against the US dollar, with bears targeting the critical 162.00 level that marks the 2024 low. United Overseas Bank currency strategists Quek Ser Leang and Lee Sue Ann report USD/JPY is currently range-bound between 161.20 and 161.80 after trading in a tight 161.25 to 161.73 band during the latest session. The pair is hovering dangerously close to breaching the year’s weakest point for the yen, suggesting mounting pressure on the Japanese currency despite recent intervention threats from Tokyo authorities.
Traders should watch for potential intervention signals from the Bank of Japan and Ministry of Finance if USD/JPY pushes through 162.00. The narrow trading range indicates consolidation before a potential breakout move that could trigger stop-loss orders and accelerate momentum in either direction.
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FXnCO Insight
** Monitor 162.00 closely as a break above this 2024 low could trigger intervention action from Japanese authorities or spark fresh yen selling toward 163.00.
Source: FXStreet